September 24, 2023

Bitcoin (BTC) Regains $50K, Why the Rally Might Continue

  • BTC added pace after overcoming the resistance zone of $49,500.
  • For now, the price wavers well beyond $50K, and the 100-Hr SMA
  • BTC/USD’s hourly chart shows the pair broke a vital declining channel pattern with resistance around $48,800 (Kraken data).
  • The pair might retrace lower, but the $50,000 value area may limit dips.

Bitcoin kick-started a new rally past the resistance at $50,000. The dominant crypto prints positive signals and might record further upswings towards $52,000.

BTC Gains Momentum

Bitcoin (BTC) created a base and launched a new upsurge past the $48,000 mark, and the digital currency saw an increased pace, moving above $48,200 and 100-Hr Simple Moving Average (SMA). The BTC/USD’s hourly chart indicated a break of a critical declining channel with resistance around the $48,800 level break. Bitcoin surged past the resistance zone of $50,000 to move inside the positive territory. Remember, bulls have been trying to push Bitcoin beyond this area. The long battle paid off as they succeeded.

BTC touched the higher level of $51,500 and consolidated gains at the moment. However, the largest crypto by value stands well beyond the 23.6% Fibonacci retracement zone of the latest upsurge from a swing low of $48,105 to highs at $51,500. Also, the pair traded well past $50,000 and 100-Hr Simple Moving Average.

The closest upside resistance stands at $51,500. The next crucial hurdle might showcase at $52,000. Meanwhile, a decisive move past the resistance of $52,000 might see BTC rallying higher. Bulls might deal with the next massive stop around the $53,200 threshold.

Bitcoin Dips Limited?

Bitcoin might start a downward journey with failure to overcome the resistance level at $51,500. The nearest downside support floor stands at $50,700. Nevertheless, BTC has its crucial support barrier at $50,000. It is around 50% Fibonacci retracement area of the latest surge to $51,500 high from swing lows of $48,105. Breaching the $50,000 might translate to amplified selling momentum in the short term. In such a case, Bitcoin’s price might dip towards the support zone at $48,800.

BTC Technical Indicators

  • MACD loses pace slowly within the bullish region.
  • BTC/USD’s hourly RSI stays well beyond the 50 mark.
  • Critical support levels – $50,700 and $50,000
  • Resistance levels: $51K, $52K, and $53.2K.

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