Bitcoin price gained bullish momentum above the $ 50,000 resistance. BTC traded towards $ 52,000 and continues to be supported for further bullishness.

 

Bitcoin is on the verge of a new rise

Bitcoin started a new rise above the $ 50,000 and $ 50,500 resistance levels.

The price is currently trading well above $ 50,000 and the 100 hourly simple moving average.

The hourly chart of the BTC / USD pair includes a key rising channel with support at $ 50,500.

The pair could fix a few points, but the bulls are thought to hold $ 50,000 and $ 49,500.

If Bitcoin stays above $ 50,500 and $ 50,800, it could initiate a new increase. An initial resistance on the upside is near the $ 51,500 level. The first major resistance is near the $ 52,000 level.

A successful close above the $ 52,000 resistance level could open the doors for a bigger increase in the coming sessions. The next major resistance could be $ 53,200 followed by $ 54,500.

Technical indicators

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

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

Major Support Levels – $ 50,500 followed by $ 50,000.

Major Resistance Levels – $ 51,500, $ 52,000 and $ 53,200.

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