Bitcoin has exploded higher after Elon Musk announced a massive investment in the cryptocurrency via his company Tesla. Technical analysis highlights key Fibonacci resistance at $45,200 and $46,500 as potential near-term bullish targets for the BTCUSD pair. Failure to overcome this area could result in a strong technical pullback before the overall uptrend in BTCUSD pair resumes.
The BTCUSD pair is only bullish while trading above the $40,000 level, key resistance is found at the $45,200 and the $46,500 levels.
If the BTCUSD pair trades below the $40,000 level, sellers may test the $38,500 and $36,600 levels.
