Bitcoin price is hovering above the $50,000 resistance level showing bullish signs. It is likely for BTC to climb as high as $52,000 in short-term. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin has stabilized above $50,000 and has found support below this level.
- Currently, the price is above $50,000 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, we can see BTC has surpassed a crucial resistance level at $50,400.
- BTC seems to be charging up for a bull run and is likely to break through the $51,200 level.
Bitcoin Price Action Analysis
Bitcoin price started a brief downtrend from $51,800. At that point, it lost the $51,200 support level and turned bearish for a while. Furthermore, the price penetrated the 50% Fibonacci retracement level from the latest rise from $48,105 to $51,800. It even had a spike going below the $50,000 and the SMA100.
However, the buyers rose to support BTC below $50,000 and did not allow further decline. The price managed to reach $61.8% Fibonacci retracement level and found a new bottom as it reached back above $50k.
Currently, BTC is above $50,000 and the 1-hour candles are above the SMA100. For the 1-hour chart, Bitcoin has surpassed the $50,400 resistance level.
The first resistance level is at $51,200 followed by $51,500. Breaking through these levels would cause a new uptrend. The $53,500 will be the next resistance level.
On the other hand, if Bitcoin price fails to surpass the $51,200, there could be a price correction. In which case, the first support level will be $50,200.
The next support level is at $50,000 which will be crucial. If BTC dips below this level, the price could quickly approach $49,400. Further decline can bring the price close to the $48,500 resistance level.
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 50.
Resistance levels: Right now, the $51,500, $52,000 and $53,500 are currently the crucial support levels for BTC.
Support levels: The $50,200 and $50,000 are currently the crucial support levels for the price.
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