Rejoice! Bitcoin price is on a new bull run and has touched $50,000. It is likely the price surpasses the $50,300 during this run. Here is a summary of Bitcoin price in the past 24 hours:
- Bitcoin managed to break the $48,000 and $48,500 with a strong bullish run.
- Currently, Bitcoin price is above $48,000 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, we have a notable upward trend with support level at $49,200.
- In case Bitcoin price moves beyond $50,500, the bullish run will gain momentum.
Bitcoin Price Action Analysis
BTC had a good support at $46,000 from buyers. At that point, Bitcoin price pivoted upward and formed a new trend. Subsequently, it broke the crucial $48,000 resistance level and in the 1-hour chart, candles are above the SMA100.
The Buyers took control of the market and brought the price up to $50,000, even getting it to $50,300. Right now, Bitcoin price is ranging.
The first support level is around $49,750 which is close to the 23.6% Fibonacci retracement level. As of now, Bitcoin price is well-above $48,000 and the 1-hour candles are above the SMA100.
Taking a look at the 1-hour chart, an important bullish run can be seen. This trend has its support at $49,200 and the first resistance level is expected to be around $50,300. The next notable resistance level is at $50,500. By surpassing this point, Buyers will gain more control, and the price will approach $52,000.
On the other hand, if Bitcoin price fails to surpass $50,300 and $50,500, there will be a new downward trend. In that case, the first support level will be around $40,750.
The next crucial support will be $49,200 near the 50% Fibonacci retracement level from the latest growth. Failure at that point would bring the price down as low as $48,000.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward movement.
RSI: the 1-hour relative strength index is currently above 60.
Resistance levels: Respectively, the $50,300, $50,500 and $52,000 are crucial resistance levels.
Support levels: the $49,200 and $48,000 are important support levels.
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