Bitcoin prices rose steadily, surpassing $ 50,000 per USD. BTC is expected to remain high-priced and could even surpass $ 50,300
- Bitcoin saw a solid rise above resistance levels of $ 48,000 & $ 48,500.
- The price is trading at above $ 48,000 and the 100-hour simple moving average.
- A major bullish trendline has formed with support near $49,200 on the hourly chart for the USD/BTC pair (Kraken Data Fee).
- If the pair clears the $ 50,500 resistance zone in the near-term, it could accelerate further.
Bitcoin price gains strength
Bitcoin’s price has remained above the $ 46,000 support level. BTC reached a base at $ 46,000 before launching a further climb. The BTC broke above the $ 48,000 resistance area and the 100 hour simple moving mean.
The bulls gained strength and were capable of pushing the price above $ 50,000. He traded up to $ 52,000 and is consolidating his gains.
Support is close to $ 49,750. It is now near the 23.6% Fib Retracement level of recent increase. The price has gone from $ 48,033 to $ 50,306. Bitcoin’s price is now trading at over $ 48,000 and the 100 hour simple movement average.
Source: TradingView.com - BTCUSD
A major bullish trendline is also emerging with support near $49,200 on the hourly charts of the BTC/USD pair. On the upside, immediate resistance lies near the $ 50,000. The $ 50,500 level is the first major resistance. Bulls should aim for a greater rise above this level. The bulls could reach $ 52,000 as their next major stop.
If bitcoin fails above the resistance levels $ 50 300 and $ 50 500, it could trigger a downtrend. Initial bearish support lies near the $49,750 level.
First major support is now in the $ 49 200 area. It is now near the trendline, and the 50% fiber retracement area of the recent increase. The price dropped from $ 48.033 to $ 50.306. The price could revert to the $ 48,000 support area if it breaks below the trendline support.
Hourly MACD- The MACD is moving in the bullish area.
Hourly RSI (Relative Strength Indicator) – The RSI of USD / Bitcoin is now well above 60.
Major Support Levels: $ 49,200 followed by $ 48,000.
Major Resistance Levels: $ 50,300, $ 52,500, and $ 52,000