Bitcoin price broke the key $50,000 resistance zone against the US Dollar. BTC could continue to rise and it might soon clear the $52,000 resistance.
- Bitcoin started a fresh increase above the $49,500 and $50,000 resistance levels.
- The price is now trading above $50,500 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $50,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could dips a few points, but it could soon attempt a move above $52,000.
Bitcoin Price Rallies Above $50K
Bitcoin price formed a support base near the $49,500 level and started a fresh increase. BTC broke the key $50,000 resistance zone and the 100 hourly simple moving average to move into a positive zone.
There was also a break above a major bearish trend line with resistance near $50,000 on the hourly chart of the BTC/USD pair. The pair climbed higher nicely above the $51,000 and $51,500 levels. It traded close to $52,000 and a high is formed near $51,950.Bitcoin is now consolidating below the $52,000 resistance. An initial support is near the $51,500 level. The next support could be the 23.6% Fib retracement level of the upward move from the $49,512 swing low to $51,950 high.
Source:The main support is now forming near the $50,600 level. It is close to the 50% Fib retracement level of the upward move from the $49,512 swing low to $51,950 high. If there is a downside break below the $50,600 support zone, the price could extend its decline. In the stated case, the price could test the $50,000 support and the 100 hourly SMA.