On Wednesday, Bitcoin continued to rise, breaking through the US$47,000 mark, and the current price is at US$47,100, with an intraday increase of 0.8%. The current total market value of cryptocurrencies exceeds US$2.2 trillion, and the market value of Bitcoin accounts for 40.1%. The supply of decentralized stablecoins has broken through 10 billion US dollars, DAI accounted for the highest proportion. Report: The size of the African cryptocurrency market has grown by more than 12 times in the past year. Global debt reached a record high of US$296 trillion.
From a technical perspective, the daily candle closed bullish yesterday and showed signs of bottoming, which boosted the confidence of the bullish trend in the market. On H4 graph, Bitcoin’s candle broke through the middle BOLL band and reached the upper BOLL band. Currently, it is under pressure at 47500, and the indicators are bullish. Overall, prioritise Buy within the fluctuation zone. Traders can open position if there is a breakthrough. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 47500.
Resistance：47500-48600-49500
Support：46400-45700-44400
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