Bitcoin Gains Momentum, Why BTC Could Rally Above $52K

Bitcoin price broke the key $50,000 resistance zone against the US Dollar. BTC could continue to rise and it might soon clear the $52,000 resistance.

Bitcoin started a fresh increase above the $49,500 and $50,000 resistance levels.
The price is now trading above $50,500 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $50,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could dips a few points, but it could soon attempt a move above $52,000.

Bitcoin Price Rallies Above $50K
Bitcoin price formed a support base near the $49,500 level and started a fresh increase. BTC broke the key $50,000 resistance zone and the 100 hourly simple moving average to move into a positive zone.
There was also a break above a major bearish trend line with resistance near $50,000 on the hourly chart of the BTC/USD pair. The pair climbed higher nicely above the $51,000 and $51,500 levels. It traded close to $52,000 and a high is formed near $51,950.
Bitcoin is now consolidating below the $52,000 resistance. An initial support is near the $51,500 level. The next support could be the 23.6% Fib retracement level of the upward move from the $49,512 swing low to $51,950 high.

Source: BTCUSD on TradingView.com
The main support is now forming near the $50,600 level. It is close to the 50% Fib retracement level of the upward move from the $49,512 swing low to $51,950 high. If there is a downside break below the $50,600 support zone, the price could extend its decline. In the stated case, the price could test the $50,000 support and the 100 hourly SMA.
More Upsides In BTC?
If bitcoin stays above the $50,600 support zone and the 100 hourly SMA, it could rise further. An immediate resistance on the upside is near the $51,950 level.
The first major resistance is near the $52,000 level. A close above the $52,000 level could pump the price further in the near term. The next major hurdle for the bulls could be near the $53,200 zone.
Technical indicators:
Hourly MACD – The MACD is losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is in the overbought zone.
Major Support Levels – $51,350, followed by $50,600.
Major Resistance Levels – $51,950, $52,000 and $53,200.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 17,006.38
ethereum
Ethereum (ETH) $ 1,274.84
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 292.52
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.398979
dogecoin
Dogecoin (DOGE) $ 0.102963
cardano
Cardano (ADA) $ 0.316498
matic-network
Polygon (MATIC) $ 0.928308
polkadot
Polkadot (DOT) $ 5.39
staked-ether
Lido Staked Ether (STETH) $ 1,260.34
litecoin
Litecoin (LTC) $ 77.52
okb
OKB (OKB) $ 22.08
shiba-inu
Shiba Inu (SHIB) $ 0.000009
dai
Dai (DAI) $ 1.00
tron
TRON (TRX) $ 0.054660
solana
Solana (SOL) $ 13.62
uniswap
Uniswap (UNI) $ 5.85
avalanche-2
Avalanche (AVAX) $ 13.05
chainlink
Chainlink (LINK) $ 7.66
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 16,987.49
leo-token
LEO Token (LEO) $ 3.88
cosmos
Cosmos Hub (ATOM) $ 10.30
ethereum-classic
Ethereum Classic (ETC) $ 19.98
the-open-network
The Open Network (TON) $ 1.79
monero
Monero (XMR) $ 142.72
stellar
Stellar (XLM) $ 0.088788
bitcoin-cash
Bitcoin Cash (BCH) $ 110.75
quant-network
Quant (QNT) $ 123.24
algorand
Algorand (ALGO) $ 0.242746
crypto-com-chain
Cronos (CRO) $ 0.065231
filecoin
Filecoin (FIL) $ 4.42
near
NEAR Protocol (NEAR) $ 1.72
apecoin
ApeCoin (APE) $ 3.92
vechain
VeChain (VET) $ 0.019187
hedera-hashgraph
Hedera (HBAR) $ 0.050012
flow
Flow (FLOW) $ 1.12
internet-computer
Internet Computer (ICP) $ 4.16
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 43.58
frax
Frax (FRAX) $ 1.00
eos
EOS (EOS) $ 0.934112
terra-luna
Terra Luna Classic (LUNC) $ 0.000162
chain-2
Chain (XCN) $ 0.043876
theta-token
Theta Network (THETA) $ 0.939595
tezos
Tezos (XTZ) $ 1.01
the-sandbox
The Sandbox (SAND) $ 0.587318
aave
Aave (AAVE) $ 63.87
lido-dao
Lido DAO (LDO) $ 1.11
chiliz
Chiliz (CHZ) $ 0.162818