Bitcoin Price Gains Momentum Above Resistance
The price of Bitcoin is seeing an upward trend as it surpasses the $52,800 resistance zone. It is currently trading above $52,000 and the 100 hourly Simple Moving Average. This positive movement was accompanied by a break above a key bearish trend line with resistance at $51,880 on the BTC/USD hourly chart.
Bitcoin Price Eyes More Gains
After experiencing a downside correction from the $52,800 resistance zone, Bitcoin’s price dropped below $52,000 and $51,500. However, the bulls managed to keep it above the $50,500 zone. The price has now formed a low near $50,581 and is attempting to make a fresh increase.
Bitcoin has cleared the 50% Fibonacci retracement level of the previous downward move and is now trading above $52,000 and the 100 hourly Simple Moving Average. Immediate resistance is expected near the $52,300 level.
Another Decline In BTC?
If Bitcoin fails to rise above the $52,300 resistance zone, it may experience another downside correction in the near future. The first major support level is at $51,850, followed by $51,300. A close below $51,300 could indicate bearish momentum and potentially lead to a decline towards the $50,500 support zone.
Technical Indicators
The MACD indicator is currently gaining pace in the bullish zone on the hourly chart for BTC/USD. The Relative Strength Index (RSI) is also above the 50 level.
Hot Take: Bitcoin Price Continues to Rise
Bitcoin’s price shows continued strength as it surpasses key resistance levels. With the break above the bearish trend line and trading above the 100 hourly Simple Moving Average, there are indications of further gains. The next significant resistance levels to watch are $52,800, $53,200, and $54,000. However, if the price fails to break above the $52,300 resistance, a downside correction could occur. Immediate support levels to monitor are $51,850 and $51,300.
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