Bitcoin has attempted numerous times to stay above $48,000, but without much success so far.
The currency is trading just below it, currently at $47,500 after it briefly reached $48,100.
Before it, yesterday it went as high as a very brief $49,000, but somewhat quickly gave way downwards to a local low of $46,800.
We can clearly see bitcoin has entered a new range after rising from $44,000 early yesterday to now between mid $48,000 and high $46,000.
This would be expected ahead of the significant resistance at $50,000, with the fact it is sidewaying here encouraging as the crypto may well try taking $50,000, although maybe after a bit more sidewaying.
At the same time ethereum is struggling with $1,800, with it sidewaying quite a bit more than bitcoin at these levels.
While we can see for bitcoin a clear new level, here it’s not that clear as arguably this has been sidewaying since Feb 5th, although more noticeably since Feb 9th.
The currency has made a new high of about $$1,840, but as with bitcoin it doesn’t seem to stay above $1,800 for long.
That’s because they both are clearly facing resistance, with maybe a bit of consolidation needed before they can take it.
The question is of course just how long that may take, but the fact they holding these levels is quite bullish as it may indicate there will be another leg up, but its not clear whether that’s after testing support first or otherwise.