In the weekly time frame, BTC has made three consecutive bullish candlesticks and is about to make a fourth. After bouncing off the $29,000 horizontal support region on July 21, the price began to rise.
Bitcoin (BTC) is reaching a critical resistance level formed by a confluence of Fib resistances ranging from $46,800 to $47,800. Several short-term time frames are showing signs of weakening, implying that BTC is approaching a top.
Bitcoin Price Statistics and Resistance
Currently, BTC price is $46,204.43 with the change of 0.17%, The coin has a market cap of $867,846,486,045 with a trading volume of $35,012,504,586 in the last 24 hours. Its circulating, maximum, and total supply are 18,782,756.00 BTC, 21,000,000, and 18,782,756 respectively at the time of writing.
BTC has been rising since July 20, when it hit a low of $29,278 in the local market. On August 5, it made a higher low and then resumed its upward trend.
Between $46,800 and $47,800, it is approaching a big resistance level. Reclaiming this level would be a big sign that the bullish trend is still going strong. The MACD and the Stochastic oscillator are both bullish, however the RSI has a bearish divergence.
If Bitcoin breaks this key resistance, we might see it soar to around $50,550, the range highs price level.
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