Bitcoin Breaks $50K, Why BTC Could Continue To Gain Momentum

Bitcoin price started a steady increase and it surpassed $50,000 against the US Dollar. BTC is likely to remain well bid and it might even clear $50,300

Bitcoin started a decent increase above the $48,000 and $48,500 resistance levels.
The price is now trading above $48,000 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $49,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could accelerate further higher if it clears the $50,500 resistance zone in the near term.

Bitcoin Price Gains Strength
Bitcoin price remained well bid above the $46,000 support zone. BTC formed a base above $46,000 and it started a fresh increase. There was a clear break above the $48,000 resistance zone and the 100 hourly simple moving average.
The bulls gained strength and were able to push the price above the main $50,000 resistance. It traded as high as $50,300 and it is now consolidating gains.
An immediate support is near the $49,750. It is close to the 23.6% Fib retracement level of the recent increase from the $48,033 swing low to $50,306 high. Bitcoin price is now trading well above $48,000 and the 100 hourly simple moving average.

Source: BTCUSD on TradingView.com
There is also a major bullish trend line forming with support near $49,200 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $50,300 level. The first key resistance is near the $50,500 level, above which the bulls are likely to aim a larger increase. The next major stop for the bulls could be $52,000.
Dips Supported in BTC?
If bitcoin fails to climb above the $50,300 and $50,500 resistance levels, it could start a downside correction. An initial support on the downside is near the $49,750 level.
The first major support is now near the $49,200 zone. It is near the trend line and the 50% Fib retracement level of the recent increase from the $48,033 swing low to $50,306 high. If there is a clear break below the trend line support, the price could revisit the $48,000 support zone.
Technical indicators:
Hourly MACD – The MACD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 60 level.
Major Support Levels – $49,200, followed by $48,000.
Major Resistance Levels – $50,300, $50,500 and $52,000.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 26,965.22
ethereum
Ethereum (ETH) $ 1,871.82
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 305.33
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.506876
staked-ether
Lido Staked Ether (STETH) $ 1,870.82
cardano
Cardano (ADA) $ 0.366000
dogecoin
Dogecoin (DOGE) $ 0.072001
matic-network
Polygon (MATIC) $ 0.894046
solana
Solana (SOL) $ 20.70
litecoin
Litecoin (LTC) $ 94.72
tron
TRON (TRX) $ 0.075309
polkadot
Polkadot (DOT) $ 5.24
binance-usd
Binance USD (BUSD) $ 0.999947
shiba-inu
Shiba Inu (SHIB) $ 0.000009
avalanche-2
Avalanche (AVAX) $ 14.22
dai
Dai (DAI) $ 0.999545
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 27,022.24
uniswap
Uniswap (UNI) $ 5.02
leo-token
LEO Token (LEO) $ 3.58
chainlink
Chainlink (LINK) $ 6.41
cosmos
Cosmos Hub (ATOM) $ 10.39
okb
OKB (OKB) $ 46.07
monero
Monero (XMR) $ 148.15
the-open-network
Toncoin (TON) $ 1.79
ethereum-classic
Ethereum Classic (ETC) $ 17.88
stellar
Stellar (XLM) $ 0.091532
bitcoin-cash
Bitcoin Cash (BCH) $ 113.22
internet-computer
Internet Computer (ICP) $ 4.70
true-usd
TrueUSD (TUSD) $ 0.999452
filecoin
Filecoin (FIL) $ 4.68
lido-dao
Lido DAO (LDO) $ 2.07
aptos
Aptos (APT) $ 8.50
quant-network
Quant (QNT) $ 115.43
hedera-hashgraph
Hedera (HBAR) $ 0.051405
crypto-com-chain
Cronos (CRO) $ 0.059109
arbitrum
Arbitrum (ARB) $ 1.16
vechain
VeChain (VET) $ 0.020019
near
NEAR Protocol (NEAR) $ 1.56
the-graph
The Graph (GRT) $ 0.131330
apecoin
ApeCoin (APE) $ 3.11
algorand
Algorand (ALGO) $ 0.148197
the-sandbox
The Sandbox (SAND) $ 0.567313
paxos-standard
Pax Dollar (USDP) $ 1.00
frax
Frax (FRAX) $ 0.997877
edgecoin-2
Edgecoin (EDGT) $ 1.00
eos
EOS (EOS) $ 0.890418
rocket-pool
Rocket Pool (RPL) $ 48.75
elrond-erd-2
MultiversX (EGLD) $ 36.86