Bitcoin (BTC) Stabilizes Above $50,000 Mark
The price of Bitcoin (BTC) has stabilized above the psychological $50,000 mark. It is currently encountering resistance near the $53,000 high and oscillating below its recent high. However, if the support level of $52,000 holds, the uptrend will resume and the price will break through the resistance at $53,000. The positive momentum could continue up to $60,000.
Bitcoin Indicator Reading
The Bitcoin price bars have been rising above the moving average lines. Currently, the trend has paused below the $53,000 level. The trend will stop when the price bars fall below the moving average lines.
Technical Indicators:
Key resistance levels: $55,000 and $60,000
Key support levels: $45,000 and $40,000
What’s Next for BTC/USD?
On the 4-hour chart, Bitcoin is trading sideways between $50,000 and $53,000. The bullish rally has ended and Bitcoin has entered a range-bound move. It is currently stabilizing above the $52,000 support but below the $53,000 resistance level. The next direction for BTC/USD will depend on whether these support and resistance levels are breached.
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