Why Bitcoin Price Could Rally To New ATH Above $50K

Why Bitcoin Price Could Rally To New ATH Above $50K

Bitcoin price remained in a bullish zone above the $45,000 support against the US Dollar. BTC is eyeing a fresh rally above the $48,000 and $50,000 resistance levels in the near term.

  • Bitcoin climbed above the $48,000 resistance, but it struggled to continue higher towards $50,000.
  • The price is trading nicely above the $45,000 level and the 100 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $46,000 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a strong rally if it manages to clear the $48,000 and $48,500 resistance levels.

Bitcoin Price is Eyeing More Upsides

This past week, bitcoin price made an attempt to test the $50,000 level against the US Dollar. The BTC/USD pair broke the $48,000 resistance, but there was a lack in momentum.

A new all-time high was formed near $48,700 before the price started a downside correction. There was a break below the $47,000 support. The price traded below the 23.6% Fib retracement level of the upward move from the $43,773 swing low to $48,700 high.

Read the full article at newsbtc.com

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