It even climbed above the $46,500 level and the 100 hourly simple moving average.
Besides, there was a break below a major breakout pattern with support near $46,400 on the hourly chart of the BTC/USD pair.
Bitcoin price is now testing the 50% Fib retracement level of the upward wave from the $44,257 swing low $47,444 high.
A downside break below the $45,000 support zone could increase selling pressure in the near term.
If bitcoin remains stable above the $45,000 support level, it could attempt a fresh increase.
The key hurdle is now forming near the $47,500 level, above which the price might rise steadily.
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