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Bitcoin (BTC/USD) Forecast: Bitcoin Bows to Critical Resistance of $48,000

Bitcoin (BTC/USD) Forecast: Bitcoin Bows to Critical Resistance of $48,000

Tammy Da Costa, Analyst

Bitcoin (BTC/USD) Outlook:

  • Bitcoin price action loses traction below the key psychological level of $48,000
  • USD gains after positive retail data
  • Price action stalls ahead of key psychological level

Bitcoin (BTC/USD) prices have stalled at the key psychological level of $48,000 after retail sales boosted demand for the safe-haven greenback.

However, with US retail data sales coming in higher than expectation, the Dollar gained at the discretion of major cryptocurrency.

Visit DailyFX Education to discover the importance of macro-fundamentals in global markets

Bitcoin (BTC/USD) Price Action

After the formation of a golden cross on the daily chart, Bitcoin prices have risen above the 23.6% Fibonacci retracement level of the June – September move at $47,000, in an effort to reclaim the key psychological level of $50,000 mark which remains as critical resistance for both the short and longer-term move.

With price action currently encapsulated between prominent levels, the ability to break above the key psychological level of $48,000 may give rise to further bullish momentum and a possible retest of $50,000 and a probable drive towards the next key Fibonacci resistance level of $51,734.

Bitcoin (BTC/USD) Daily Chart

Bitcoin (BTC/USD) Forecast: Bitcoin Bows to Critical Resistance of $48,000

Chart prepared by Tammy Da CostausingTradingView

--- Written by Tammy Da Costa, Analyst for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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