Why Bitcoin Turns Attractive On Dips Above $50K

Bitcoin price gained pace and cleared the $50,000 resistance against the US Dollar. BTC could correct lower, but dips might remain limited below $50,000.

Bitcoin climbed higher above the $49,500 and $50,000 resistance levels.
The price is now trading above $50,000 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $49,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct lower, but it might find support near $50,000 or $49,500.

Bitcoin Price Gains Momentum
Bitcoin price remained in an uptrend and extended its increase above the $49,500 resistance zone. BTC even broke the $50,000 resistance level and settled above the 100 hourly simple moving average.
The bulls remained in action and they were able to push the price above the $51,000 level. It traded close to $52,000 and a high is formed near $51,888. The price is now consolidating gains above the $51,000 level.
An immediate support on the downside is near the $50,800 level. It is close to the 23.6% Fib retracement level of the recent increase from the $46,895 swing low to $51,888 high. There is also a key bullish trend line forming with support near $49,500 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com
On the upside, an initial resistance is near the $51,500 level. The first major resistance is near the $52,000 level, above which the price could start a fresh increase. The next major resistance for the bulls may possibly be near the $53,200 level. Any more gains could set the pace for a move towards the $55,000 level.
Dips Supported In BTC?
If bitcoin fails to clear the $52,000 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $50,800 level.
The first major support is now forming near the $50,000 level and the trend line. It is near the 50% Fib retracement level of the recent increase from the $46,895 swing low to $51,888 high. If there is a break below the trend line support, the price might decline towards the $49,000 level and the 100 hourly SMA.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 50 level.
Major Support Levels – $50,800, followed by $50,000.
Major Resistance Levels – $51,500, $52,000 and $53,200.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 41,938.24
ethereum
Ethereum (ETH) $ 2,208.57
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 230.99
xrp
XRP (XRP) $ 0.610399
solana
Solana (SOL) $ 60.52
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 2,205.96
cardano
Cardano (ADA) $ 0.399730
dogecoin
Dogecoin (DOGE) $ 0.089264
tron
TRON (TRX) $ 0.102765
chainlink
Chainlink (LINK) $ 15.35
the-open-network
Toncoin (TON) $ 2.39
avalanche-2
Avalanche (AVAX) $ 21.94
matic-network
Polygon (MATIC) $ 0.792756
polkadot
Polkadot (DOT) $ 5.54
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 41,828.21
shiba-inu
Shiba Inu (SHIB) $ 0.000009
dai
Dai (DAI) $ 0.997360
litecoin
Litecoin (LTC) $ 71.87
bitcoin-cash
Bitcoin Cash (BCH) $ 239.98
uniswap
Uniswap (UNI) $ 6.18
leo-token
LEO Token (LEO) $ 3.70
okb
OKB (OKB) $ 57.23
stellar
Stellar (XLM) $ 0.120198
monero
Monero (XMR) $ 169.31
kaspa
Kaspa (KAS) $ 0.138967
true-usd
TrueUSD (TUSD) $ 0.999781
ethereum-classic
Ethereum Classic (ETC) $ 19.83
cosmos
Cosmos Hub (ATOM) $ 9.55
crypto-com-chain
Cronos (CRO) $ 0.094269
internet-computer
Internet Computer (ICP) $ 4.95
near
NEAR Protocol (NEAR) $ 2.17
filecoin
Filecoin (FIL) $ 4.59
hedera-hashgraph
Hedera (HBAR) $ 0.064032
lido-dao
Lido DAO (LDO) $ 2.32
aptos
Aptos (APT) $ 7.38
thorchain
THORChain (RUNE) $ 6.28
bittensor
Bittensor (TAO) $ 320.83
immutable-x
Immutable (IMX) $ 1.42
vechain
VeChain (VET) $ 0.024554
mantle
Mantle (MNT) $ 0.559772
blockstack
Stacks (STX) $ 1.14
binance-usd
BUSD (BUSD) $ 1.00
optimism
Optimism (OP) $ 1.72
quant-network
Quant (QNT) $ 100.13
aave
Aave (AAVE) $ 96.39
the-graph
The Graph (GRT) $ 0.151433
injective-protocol
Injective (INJ) $ 16.05
arbitrum
Arbitrum (ARB) $ 1.06