Bitcoin price created a base and began a new upward trend over the $48,000 barrier. BTC accelerated its rise above the $48,200 mark and the 100 hourly simple moving average.
Furthermore, on the hourly chart of the BTC/USD pair, there was a breach in a crucial descending channel with resistance near $48,800. The pair moved into the positive zone after rallying above the $50,000 resistance zone. The bulls were abducted.
Bitcoin has reached a high of $51,500 and is now consolidating gains. It is significantly higher than the 23.6 percent Fib retracement line of the latest rise from the $48,105 swing low to the $51,500 high. It is also trading significantly above $50,000 and the 100 hourly simple moving average.
On the upside, an immediate barrier is near the $51,500 mark. The next significant resistance level could be $52,000. A decisive break above the $52,000 barrier level might propel the price much higher. The bulls’ next significant resistance barrier could be around $53,200.
If bitcoin fails to break over the $51,500 resistance level, it may begin a downward trend. On the downside, there is immediate support near the $50,700 level.
The first major support is near $50,000. It is near the 50% Fib retracement level of the recent increase from the $48,105 swing low to $51,500 high. A downside break below the $50,000 level could increase selling pressure in the near term. In the stated case, the price may perhaps decline towards the $48,800 support zone.