Following a one-week parabolic run in an unprecedented turn of events, Bitcoin has tapped the $48,000 mark, printing a new 2022 high after hitting $48,217 yesterday. However, the primary cryptocurrency currently lacks the composure to sustain a break above the $48,000 barrier as retrace looms.

Following two rejections from the critical resistance line, BTC now sits atop the $47,000 support but shows the likelihood of a bearish continuation to the $46,000 pivot top in the coming days. That said, this does not eliminate the possibility of a bullish overnight spike to the $49,000 axis in the Asian session amid heavy buying.

Regardless, the cryptocurrency will close the month’s candle on a positive tone, which should inspire a bullish continuation in the medium term.

Meanwhile, my resistance levels are at $48,000, $49,000, and $50,000, and my key support levels are at $46,300, $43,000, and $42,000.

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Bitcoin Market Capitalization: $892.7 billion

Bitcoin Dominance: 42%

Market Rank: #1