Bitcoin Steadies Above $50K, Why Bulls Aim Fresh Monthly High

Bitcoin has seen gains exceeding the $50,000 level against the US dollar. BTC has positive signals and could see further gains exceeding $52,000.

  • Bitcoin reached the resistance level of $50,000 and was supported.
  • The market is trading above $50,000.
  • On the hourly chart for the BTC/USD pair, there was a break above a crucial bearish trendline. Resistance is near $50,000. (Data feed from Kraken).
  • This pair is moving at a rapid pace, and could soon surpass the $51,200 resistance level in the short term.

Bitcoin price gains pace

Bitcoin prices began a slight downturn from the $51,800 level. BTC moved into a short-term bearish area when it fell below the $51,200 mark.

The 50% Fib Retracement level for the upward movement from $48,105 low to $51,800 high was broken below. Even the 50k level was breached, as well as the simple 100-hour moving average.

Dips below $50,000 were however limited. It reached the level of the 61.8% Fib-retracement levels for the upward swing from $48,105 to $51,800. This price established a foundation for a fresh rise above the $50,000 threshold.

Bitcoin trades well above the $50,000 mark and the simple moving average 100 hours per hour. The hourly BTC/USD chart showed a breakout above the key bearish trendline with resistance at $50,400.

Bitcoin Price

Source: BTCUSD from

Near the $51,200 threshold, there is immediate resistance. 51,500 could prove to be the next major resistance. Clear moves above the $51,500 level could trigger a new increase. It is possible that the next significant stop for bulls could be at the $53,500 mark.

BTC Dips Limited

It could cause a further downside correction if bitcoin does not clear the $51,200 resistance area. Support for the downside lies near the 50,200 level.

Nearly $50,000 is the first major support. The $49,400 support could be reached if the market falls below $50,000. A further loss could push the price to the $48,500 support area.

Indicators technical

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 50 level.

Major Support Levels – $50,200, followed by $50,000.

Major Resistance Levels – $51,500, $52,000 and $53,500.

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