Bitcoin price lengthened its rise and cleared past the $50,000 resistance against the US Dollar. Now, BTC is consolidating gains and it is likely to climb higher than $52,000.
BTC Price gains Momentum
After a break above the $48,000 resistance, bitcoin has been able to gain strength above the main $50,000 resistance. BTC then even cleared the $51,500 level and then spiked above the $52,000 level.
It then traded to a new monthly high around $52,650 and settled well over the 100 hourly simple moving average. Now it trades in a positive zone above the $50,000 and $50,500 support levels. There has been a minor correction just recently below the $51,000 level.
The price had traded under the 23.6% Fib retracement level of the upward move from the $47,102 swing low to $52,648 high. But the bulls were active around the $50,000 and $49,500 levels.
There is also a major bullish trend line that formed with support near $49,800 on the hourly chart of the BTC/USD pair. Bitcoin also remained above the 50% Fib retracement level of the upward move from the $47,102 swing low to $52,648 high.
Now it trades above the $51,000 and testing a connecting bearish trend line at $51,500. A clear break above the trend line resistance can open the doors for a move towards the $52,500 and $53,200 levels. The next key resistance hangs around the $55,000 level.
A Fresh Dip in BTC?
If Bitcoin does not continue higher than the $52,000 and $52,500 resistance levels, there might be a minor decline. The first key support on the downside is around the $50,500 level.
The next major support is almost at the $50,000 level and the trend line. If there will be a downside break below the trend line support, then the price could test the $48,000 support and the hourly SMA.
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