Bitcoin Gains Momentum, Why Rally Isn’t Over Yet

Bitcoin started a fresh increase from the $45,500 zone against the US Dollar. BTC is rising and there could be a strong move above the $50,000 resistance.

Bitcoin started a fresh increase above the $48,500 resistance zone.
The price is now trading above $48,000 and the 100 hourly simple moving average.
There is a key rising channel forming with support near $48,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could accelerate further higher above the $50,000 resistance.

Bitcoin Price Extends Recovery
Bitcoin price formed a base and started a fresh increase above the $46,500 level. BTC gained pace for a move above the $47,500 level and the 100 hourly simple moving average.
The upward move was such that the price broke the $48,500 resistance. There was a clear move above the 76.4% Fib retracement level of the key decline from the $48,289 swing high to $45,600 low. The bulls even pushed the price above the $49,000 level.
A high is formed near $49,600 and the price is now showing a lot of positive signs. There is also a key rising channel forming with support near $48,750 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com
Bitcoin is trading well above the 23.6% Fib retracement level of the upward move from the $48,295 swing low to $49,600 high. It is facing resistance near the $49,600 zone. The next key resistance could be $50,000. A clear move above the $50,000 resistance zone could set the pace for a larger increase. The next major stop for the bulls may possibly be near the $51,200 level.
Dips Limited In BTC?
If bitcoin fails to clear the $50,000 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $49,200 level.
The first major support is near $49,000. It is near the 50% Fib retracement level of the upward move from the $48,295 swing low to $49,600 high. A downside break below the $49,000 level could push the price towards the $48,500 support, below which the price could test $48,800.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 50 level.
Major Support Levels – $49,000, followed by $48,500.
Major Resistance Levels – $49,600, $50,000 and $51,200.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 38,029.19
ethereum
Ethereum (ETH) $ 2,089.91
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 229.04
xrp
XRP (XRP) $ 0.610781
solana
Solana (SOL) $ 60.79
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 2,087.36
cardano
Cardano (ADA) $ 0.379122
dogecoin
Dogecoin (DOGE) $ 0.083920
tron
TRON (TRX) $ 0.103636
the-open-network
Toncoin (TON) $ 2.40
chainlink
Chainlink (LINK) $ 14.59
avalanche-2
Avalanche (AVAX) $ 22.23
matic-network
Polygon (MATIC) $ 0.773407
polkadot
Polkadot (DOT) $ 5.48
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 37,985.18
dai
Dai (DAI) $ 0.999232
litecoin
Litecoin (LTC) $ 70.08
shiba-inu
Shiba Inu (SHIB) $ 0.000008
uniswap
Uniswap (UNI) $ 6.03
bitcoin-cash
Bitcoin Cash (BCH) $ 222.79
leo-token
LEO Token (LEO) $ 4.00
okb
OKB (OKB) $ 56.71
stellar
Stellar (XLM) $ 0.118866
monero
Monero (XMR) $ 169.96
true-usd
TrueUSD (TUSD) $ 0.998534
kaspa
Kaspa (KAS) $ 0.131278
cosmos
Cosmos Hub (ATOM) $ 9.34
ethereum-classic
Ethereum Classic (ETC) $ 18.84
crypto-com-chain
Cronos (CRO) $ 0.090047
lido-dao
Lido DAO (LDO) $ 2.41
internet-computer
Internet Computer (ICP) $ 4.68
filecoin
Filecoin (FIL) $ 4.43
hedera-hashgraph
Hedera (HBAR) $ 0.060447
aptos
Aptos (APT) $ 7.04
thorchain
THORChain (RUNE) $ 6.47
near
NEAR Protocol (NEAR) $ 1.87
immutable-x
Immutable (IMX) $ 1.34
mantle
Mantle (MNT) $ 0.543039
bittensor
Bittensor (TAO) $ 290.82
binance-usd
BUSD (BUSD) $ 0.999906
vechain
VeChain (VET) $ 0.021708
injective-protocol
Injective (INJ) $ 18.11
optimism
Optimism (OP) $ 1.69
quant-network
Quant (QNT) $ 101.40
aave
Aave (AAVE) $ 99.77
maker
Maker (MKR) $ 1,544.73
the-graph
The Graph (GRT) $ 0.147161
render-token
Render (RNDR) $ 3.55