Bitcoin Price Analysis: BTC Gains Pace Above $50K
Bitcoin price is gaining pace above $50,000 against the US Dollar. BTC remains supported on the downside near the $50,000 and $49,200 levels.
Bitcoin Price Analysis
Bitcoin price formed a base above the $40,000 level. As a result, BTC started a fresh increase above the $44,000 and $45,000 resistance levels.
There was a break above a major bearish trend line with resistance near $43,100 on the 4-hours chart of the BTC/USD pair. The pair gained pace for a move above the $48,000 level and the 55 simple moving average (4-hours).
It even cleared the 76.4% Fib retracement level of the key decline from the $48,825 swing high to $39,600 low. It is now trading above $50,000 and the 55 simple moving average (4-hours).
Besides, bitcoin price is consolidating above the 1.236 Fib extension level of the key decline from the $48,825 swing high to $39,600 low. On the upside, an initial resistance is near the $51,850 level. The main resistance is forming near the $52,000 zone.
A close above the $52,000 zone is needed for a fresh increase. In the stated case, the price is likely to rise steadily towards the $55,000 level. An immediate support on the downside is near the $51,000 level.
The first key support is near the $50,000 level. If the price fails to stay above $50,000, it could revisit the $49,000 support zone. Any more losses could open the doors for a move towards the $45,000 support zone.
Looking at the chart, bitcoin price is clearly trading above $50,000 and the 55 simple moving average (4-hours). Overall, the price is showing positive signs and it could continue to rise above the $52,000 level.
4 hours MACD – The MACD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is well above the 50 level.
Key Support Levels – $51,000 and $50,000.
Key Resistance Levels – $51,850, $52,000 and $55,000.
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