Bitcoin price managed to start a new bullish trend above the $48,000 resistance level. Currently Bitcoin price is above $49,500 and by reaching $50K, the bull run will gain momentum. Here is a summary of Bitcoin price in the past 24 hours:

  • BTC broke the $48,500 and $49,000 resistance levels.
  • Currently Bitcoin is well-above $49,000 and the 1-hour candles are above the SMA100
  • For the 1-hour chart, we can see Bitcoin price breaking the resistance level for a crucial downward trend at $47,750.
  • By reaching $50,000 the bullish trend will gain momentum.

Bitcoin Price Action Analysis

Bitcoin price started a mild upward trend with bottom at $46,500. During this run, it broke the $48,500 resistance level. Furthermore, looking at the 1-hour chart, it also broke the crucial resistance level for a downward trend at $47,750. BTC managed to penetrate the 61.8% Fibonacci retracement level from the latest fall from $49,678 to $46,533.

As of now, BTC is over $49,000 and the 1-hour candles are above the SMA100. Bitcoin price is ranging right now at around $49,800. The fist support for the price is at $49,650.

Following that, $49,500 will support the price. In case the price dips below $49,500, BTC will approach $48,800. The next support level is expected to be $48,500, a point where buyers are expected to take back control.

On the other hand, if BTC successfully stabilizes above the $49,500 resistance, the bullish trend will likely continue. With that, the next resistance level will be at $49,850 and then $50,000 will follow.

Closing above $50,000 means that the bullish run will gain strength. The next stop will be the Fibonacci retracement level. Further bull runs can make BTC approach $52,000, in which case the $51,550 will resist the growth along the way.

The Technical Indicators

MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward movement.

RSI: the 1-hour relative strength index is currently above 60.

Resistance levels: Respectively, the $49,800, $50,000 and $50,400 are crucial resistance levels.

Support levels: the $49,500 and $48,800 are important support levels that will cause further decline if they are broken. If you are looking to exchange your Bitcoin into Webmoney, Perfect money or PayPal, or Purchase Bitcoin with Perfect Money USD, hi.exchange provides excellent exchange services. with 24/7 customer support and the best exchange rates at any moment, our team of professionals will guarantee our customers with a secure, easy and smooth exchange experience. And to stay up to date with our latest opinion articles, technical analysis and news, stay right here.