Bitcoin Reclaims $50K, Why 100 SMA Is The Key For Larger Increase

Bitcoin is recovering and trading above $50,000 against the US Dollar. ETH must settle above $51,000 and the 100 hourly SMA to continue higher.

Bitcoin started a recovery wave above the key $50,000 resistance zone.
The price is now trading near $51,000 and the 100 hourly simple moving average.
There is a short-term bullish trend line forming with support near $49,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a decent upward move if there is a close above $51,000.

Bitcoin Price Gains Momentum
Bitcoin price started a decent recovery wave after a major decline below $45,000. BTC climbed back above the $46,500 and $48,000 resistance levels to start the recent recovery.
The price is back above the $49,200 resistance level. There as a break above the 50% Fib retracement level of the key decline from the $57,690 swing high to $40,150 low. Besides, the bulls were able to push the price above the key $50,000 resistance zone.
There is also a short-term bullish trend line forming with support near $49,600 on the hourly chart of the BTC/USD pair. The pair is now trading near $51,000 and the 100 hourly simple moving average.
An immediate resistance on the upside is near the $51,000 level and the 100 hourly SMA. It is close to the 61.8% Fib retracement level of the key decline from the $57,690 swing high to $40,150 low. A clear break above the $51,000 resistance zone could open the doors for more upsides.

The next key resistance is near the $52,500 level, above which the price could accelerate higher. In the stated case, the price could rise towards the $53,500 level.
Fresh Decline In BTC?
If bitcoin fails to clear the $51,000 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $50,200 level.
The first major support is now forming near the $49,600 level and the trend line. A downside break below the $49,600 support may perhaps start a fresh decline. The next stop for the bears might be $46,000.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
Major Support Levels – $50,200, followed by $49,600.
Major Resistance Levels – $51,000, $52,500 and $53,500.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 37,679.10
ethereum
Ethereum (ETH) $ 2,052.54
tether
Tether (USDT) $ 0.999817
bnb
BNB (BNB) $ 227.45
xrp
XRP (XRP) $ 0.605092
solana
Solana (SOL) $ 58.96
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 2,047.56
cardano
Cardano (ADA) $ 0.374876
dogecoin
Dogecoin (DOGE) $ 0.082589
tron
TRON (TRX) $ 0.103226
the-open-network
Toncoin (TON) $ 2.38
chainlink
Chainlink (LINK) $ 14.32
avalanche-2
Avalanche (AVAX) $ 21.22
polkadot
Polkadot (DOT) $ 5.42
matic-network
Polygon (MATIC) $ 0.756849
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 37,702.10
dai
Dai (DAI) $ 0.998749
litecoin
Litecoin (LTC) $ 69.29
shiba-inu
Shiba Inu (SHIB) $ 0.000008
uniswap
Uniswap (UNI) $ 5.97
bitcoin-cash
Bitcoin Cash (BCH) $ 221.18
leo-token
LEO Token (LEO) $ 4.00
okb
OKB (OKB) $ 56.24
stellar
Stellar (XLM) $ 0.117801
monero
Monero (XMR) $ 169.74
true-usd
TrueUSD (TUSD) $ 0.999017
kaspa
Kaspa (KAS) $ 0.128745
cosmos
Cosmos Hub (ATOM) $ 9.24
ethereum-classic
Ethereum Classic (ETC) $ 18.54
crypto-com-chain
Cronos (CRO) $ 0.089250
lido-dao
Lido DAO (LDO) $ 2.35
filecoin
Filecoin (FIL) $ 4.36
internet-computer
Internet Computer (ICP) $ 4.54
hedera-hashgraph
Hedera (HBAR) $ 0.060082
aptos
Aptos (APT) $ 6.94
thorchain
THORChain (RUNE) $ 6.39
near
NEAR Protocol (NEAR) $ 1.86
mantle
Mantle (MNT) $ 0.537277
binance-usd
BUSD (BUSD) $ 1.00
immutable-x
Immutable (IMX) $ 1.27
bittensor
Bittensor (TAO) $ 283.37
vechain
VeChain (VET) $ 0.021313
injective-protocol
Injective (INJ) $ 18.20
optimism
Optimism (OP) $ 1.67
quant-network
Quant (QNT) $ 100.59
aave
Aave (AAVE) $ 98.65
maker
Maker (MKR) $ 1,532.94
the-graph
The Graph (GRT) $ 0.144218
render-token
Render (RNDR) $ 3.42