Will Bitcoin Bulls Be Able to Hit $55K Barrier This Week?
Bitcoin price extended its increase above the $52,000 resistance. BTC is consolidating gains and might aim for more upsides toward the $55,000 resistance.
- Bitcoin price remained in a bullish zone above the $51,000 and $51,200 levels.
- The price is trading above $51,200 and the 100 hourly Simple moving average.
- There are two bullish trend lines forming with support at $51,450 and $49,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move up if it clears the $52,500 resistance zone.
Bitcoin Price Extends Rally
Bitcoin price started a steady increase above the $50,000 resistance zone . BTC gained strength above the $50,500 and $51,200 levels. It even spiked above the $52,000 resistance zone.
A new multi-week high was formed near $52,493 and the price is now consolidating gains. It is holding gains above the 23.6% Fib retracement level of the recent wave from the $48,240 swing low to the $52,493 high. There are also two bullish trend lines forming with support at $51,450 and $49,200 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $51,200 and the 100 hourly Simple moving average . Immediate resistance is near the $52,500 level. The next key resistance could be $53,200, above which the price could extend its rally.
Source: BTCUSD on TradingView.com
The next stop for the bulls may perhaps be $54,400. A clear move above the $54,400 resistance could send the price toward the $55,000 resistance. The next resistance could be near the $56,500 level.
Downside Correction In BTC?
If Bitcoin fails to rise above the $52,500 resistance zone, it could start another downside correction in the near term. Immediate support on the downside is near the $51,500 level and the first trend line.
The first major support is $50,500 and the 50% Fib retracement level of the recent wave from the $48,240 swing low to the $52,493 high. If there is a close below $50,500, the price could gain bearish momentum. In the stated case, the price could dive toward the $49,200 support and the second trend line.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $51,500, followed by $50,500.
Major Resistance Levels – $52,500, $53,200, and $54,400.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Turkey got new rules, big changes, and plenty of drama
Mysterious 50X Ethereum Whale Who Earned $16 Million in a Short Time Opened a Long Position in a New Altcoin!
The mysterious whale, who earned $16.4 million by opening long and short positions in Bitcoin, Ethereum, HYPE and YGG, this time opened a long position in LINK.
Is the Recovery in Solana (SOL) Permanent or Could Further Declines Be Coming? Analytics Firm Reveals Critical Points
Is there any basis for the recovery wave in Solana, one of the world's largest altcoins, or is it a temporary rise?
Why Has Bitcoin Rebounded? Will the Uptrend Continue?
Why did Bitcoin, the world's largest cryptocurrency, experience a significant recovery in the last 24 hours? Will the rise continue?
Trending news
MoreCrypto prices
More








