Bitcoin Gains Strength, Why BTC Could Rise Above $52K

Bitcoin price has broken the key $50.000 resistance zone against the US Dollar. BTC may continue to rise and soon break the $52.000 resistance.

Bitcoin started a new rise above the $49.500 and $50.000 resistance levels.
The price is now trading above $50.500 and the 100 hour simple moving average.
There was a break above a major downtrend line with resistance near $50.000 on the hourly chart for the BTC/USD (Kraken data).
The pair may drop a few points but may soon attempt a move above $52.000.

In this article, we will discuss:

Bitcoin price rises above $50K

O Bitcoin price it formed a support base near the $49.500 level and started a new price 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 downtrend line with resistance near $50.000 on the hourly chart for the BTC/USD pair. The pair rose well above the $51.000 and $51.500 levels. It traded near $52.000 and a high formed near $51.950.

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Bitcoin is now consolidating below the $52.000 resistance. Initial support is near the $51.500 level. The next support could be the 23,6% Fib retracement level of the up move from $49.512 at the oscillating low to $51.950 at the high.

Key support is now forming near the $50.600 level. It is near the 50% Fib retracement level of the up move from $49.512 at the oscillating low to $51.950 at the high. If there is a bearish break below the $50.600 support zone, the price may extend its decline. In the stated case, the price could test $50.000 support and 100 hour SMA.

More advantages in BTC?

If bitcoin stays above the $50.600 support zone and the 100-hour SMA, it could rise further. Immediate resistance at the top is near the $51.950 level.

The first major resistance is near the $52.000 level. A close above the $52.000 level could boost the price even further in the near term. The next big hurdle for bulls could be near the $53.200 zone.

Technical indicators:

MACD per hour – MACD is losing momentum in the bull zone.
RSI per hour (Relative Strength Index) – The RSI for BTC / USD is in the overbought zone.
Top Support Levels – $51.350, followed by $50.600.
Major Resistance Levels – $51.950, $52.000 and $53.200.

Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.