Bitcoin Price Maintains Bullish Momentum
The price of Bitcoin has continued to rise and remains in a bullish zone above key support levels. It is currently trading above $51,200 and the 100 hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, there are two bullish trend lines forming with support at $51,450 and $49,200.
Bitcoin Price Extends Rally
Bitcoin’s price started to increase steadily, breaking through the $50,000 resistance zone. It gained strength above $50,500 and $51,200 and even spiked above $52,000. The price formed a new multi-week high near $52,493 and is now consolidating its gains.
Currently, the price is holding above the 23.6% Fib retracement level of the recent wave from the $48,240 swing low to the $52,493 high. Additionally, it is trading above $51,200 and the 100 hourly Simple Moving Average.
Potential Upside Targets
If Bitcoin manages to clear the $52,500 resistance zone, it could continue to move up. The next immediate resistance level is around $52,500, followed by potential targets at $53,200 and $54,400. A break above these levels could send the price towards $55,000 and potentially reach the next resistance near $56,500.
Possible Downside Correction
In case Bitcoin fails to surpass the $52,500 resistance zone, a downside correction may occur in the near term. The first support on the downside is around $51,500 and the first trend line. If there is further downward movement, major support levels are located at $50,500 and the 50% Fib retracement level.
Technical Indicators
The MACD indicator on the hourly chart is showing bullish momentum, and the RSI for BTC/USD is above the 50 level, indicating strength in the market.
Hot Take: Bitcoin Price Outlook
The price of Bitcoin has maintained its bullish momentum, trading above key support levels and showing strength in the market. With resistance levels at $52,500, $53,200, and $54,400, there is potential for further upside movement. However, if the price fails to break through the resistance zone, a downside correction could occur. Traders should monitor support levels at $51,500 and $50,500. Overall, the outlook remains positive for Bitcoin as it continues to consolidate its gains and aims for higher targets.
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