Bitcoin Breaks Above the $48000 Level: What’s Next?
- Over the weekend, the price of Bitcoin made a breakout above $48,000, forming this morning’s high at the $48,814 level.
- The price of Ethereum rose to the $2540 level yesterday, forming a new February high.
Bitcoin chart analysis
Over the weekend, the price of Bitcoin made a breakout above $48,000, forming this morning’s high at the $48,814 level. The price stops there and begins to pull back below the $48,000 level. The daily low is currently $47895, and we are under pressure to continue this pullback.
A new break below the $47750 level would strengthen the bearish momentum and thus confirm that the price is in trouble and that we expect a drop to new lower support.
Potential lower targets are $47500 and $47000 levels. We need a positive consolidation and a move above the $48500 level for a bullish option. Thus, the price would move to a safer zone. A hold above that level could trigger a bullish consolidation and a new test of this morning’s price at $48814. Potential higher targets are $49000 and $49250 levels.
Ethereum chart analysis
The price of Ethereum rose to the $2540 level yesterday, forming a new February high. Today, the picture is different, and we see a pullback below $2500 this morning. The new daily low is formed at the $2475 support level. For now, we are holding above that level and stopping the previous decline. We move around $2480 but remain under bearish pressure.
A break below the previous support level would mean that the price does not have the strength to hold there, and we are looking at a pullback to the support level. Potential lower targets are $2450 and $2425 levels. In the zone around the $2433 level, additional support is in the EMA200 moving average.
We would have to go back above the $2510 level for a bullish option. With that move, we would move away from the bearish side, reducing the pressure on the price. Potential higher targets are $2525 and $2550 levels.
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