Crypto News

Bitcoin Reclaims $50K, Why Rally Isn’t Over Yet

Bitcoin began a recent enhance above the $50,000 resistance in opposition to the US Dollar. BTC is exhibiting constructive indicators and there may very well be extra features in direction of $52,000.

  • Bitcoin gained tempo after it broke the $49,500 resistance zone.
  • The price is buying and selling nicely above $50,000 and the 100 hourly easy shifting common.
  • There was a break a key declining channel with resistance close to $48,800 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair might right decrease, however dips may be restricted beneath the $50,000 zone.

Bitcoin Price Gains Momentum

Bitcoin price fashioned a base and began a recent enhance above the $48,000 degree. BTC gained tempo for a transfer above the $48,200 degree and the 100 hourly easy shifting common.

Besides, there was a break a key declining channel with resistance close to $48,800 on the hourly chart of the BTC/USD pair. The pair rallied above the $50,000 resistance zone to maneuver right into a constructive zone. The bulls have been in a position to push the price above the $50,000 degree.

Bitcoin traded as excessive as $51,500 and at the moment consolidating features. It is nicely above the 23.6% Fib retracement degree of the current enhance from the $48,105 swing low to $51,500 excessive. It can also be buying and selling nicely above $50,000 and the 100 hourly easy shifting common.

Bitcoin Price

Source: BTCUSD on TradingView.com

An instant resistance on the upside is close to the $51,500 degree. The subsequent key resistance may very well be $52,000. A transparent transfer above the $52,000 resistance zone might elevate the price additional increased. The subsequent main cease for the bulls could presumably be close to the $53,200 degree.

Dips Limited In BTC?

If bitcoin fails to clear the $51,500 resistance zone, it might begin a draw back correction. An instant help on the draw back is close to the $50,700 degree.

The first main help is close to $50,000. It is close to the 50% Fib retracement degree of the current enhance from the $48,105 swing low to $51,500 excessive. A draw back break beneath the $50,000 degree might enhance promoting strain within the close to time period. In the acknowledged case, the price could maybe decline in direction of the $48,800 help zone.

Technical indicators:

Hourly MACD – The MACD is slowly shedding tempo within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is nicely above the 50 degree.

Major Support Levels – $50,700, adopted by $50,000.

Major Resistance Levels – $51,500, $52,000 and $53,200.

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