Bitcoin has been trapped inside a lower low and lower high pattern. Such patterns can break out both ways.
Bitcoin price today is $48,838.58 USD with a 24-hour trading volume of $30,247,615,861 USD. Bitcoin is up 6.81% in the last 24 hours, with a market cap of $923,380,858,099 USD. It has a circulating supply of 18,906,793 BTC coins.
Looking at the chart below shows that a similar breakout is happening on the 4-hour chart. We have one confirmation candle with further confirmations (like breaking the previous high of $49500, fib 0.5) we can predict with more confidence that Bitcoin is finally bullish. As the above image explains, after such breakouts we usually see the reversals. We can see a reversal to $46400, fib 0.786, or the trend line at $47200. The local resistance here is the previous high, as said earlier. Bitcoin has considerable resistance at the psychological price level of $50,000.