The price of Bitcoin accelerated its rally from yesterday's night signaling strong buyers. It's trading at 47,429 at the time of writing below 47,900 today's high. The rate almost reached the 48,000 psychological level but the buyers seems exhausted after the last rally.
As you knew from my analyses, BTC/USD signaled potential strong growth after failing to make a new lower low. Today, the price increased by 2.63%, after a 5.61% growth in yesterday's trading session.
BTC/USD Upside Reversal Needs Confirmation!
BTC/USD ignored the 45,501 static resistance and now it seems determined to approach and reach new highs. As you can see on the H4 chart, the crypto jumped above the channel's upside line which represents a dynamic resistance.
As long as it stays above the upside line, BTC/USD could extend its growth towards 48,000 and up to the R1 (49,037). Dropping below the broken upside line may announce that the buyers are exhausted and that the sellers could drag the rate down towards 45,501.
BTC/USD Outlook!
Breaking above 45,501 signaled strong buyers and potential upside continuation. Personally, I would have liked the price to retest this broken obstacle before resuming its growth. As long as it's located above the channel's upside line, the rate could approach and reach new highs.
Still, after the current rally, a temporary retreat is in cards. A temporary decline, coming back to test and retest the support levels could help the buyers to catch a new leg higher.
