- Bitcoin steadied beyond the resistance zone of $50,000, and dips remain controlled.
- The coin trades well past $50K and the 100-Hr SMA.
- BTC/USD 1hr chart shows a break past a crucial bearish trend-line with resistance around $50,400 (Kraken data feed).
- The pair seems determined to conquer the obstacles at $51,200 in a short time.
Bitcoin holds its price actions beyond the $50,000 resistance. The largest digital currency depicts positive signals, and it might gain past $52,000.
BTC Gains Momentum
Bitcoin started a brief downward retracement from $51,800. The crypto dropped under $51,200, entering a near-term bearish territory. Meanwhile, Bitcoin broke under the 50% Fibo retracement of the upward actions from $48,105 to the peaks of $51,800. Also, bearishness had BTC moving below the 100-Hr Simple Moving Average and the $50,000 psychological zone.
However, Bitcoin drops appeared limited under the $50,000 mark. The price touched 61.8% Fibo retracement of the upswing from a swing low of $48,105 to $51,800. Nevertheless, the pair created a base and kick-started a new surge past the $50,000 zone.
For now, BTC trades well beyond $50,000 and 100-Hr SMA. The hourly price chart indicates a break past a critical bearish trend-line with resistance at $50,400.
The nearest resistance to the upward stands near $51,200. The following vital resistance zone might be at $51,500. Clearing this obstacle might mean new and steady price increases. With that, bulls will encounter another challenge of around $53,500.
BTC Dips Limited?
If BTC fails to overcome the resistance mark at $51,200, it might venture into a downward correction. The nearest support for the asset would be $50,200. Meanwhile, the first crucial support stands near $50,000. Breaching this level might mean BTC pushing lower to the support at $49,400.
Any further losses from here with see the cryptocurrency plummet toward the barrier at $48,500. Bitcoin has to keep its price actions well past $50,000 for possible surges to monthly peaks. Meanwhile, global market conditions are vital for BTC’s upcoming price movements. However, analysts remain bullish as we approach 2022.
Bitcoin (BTC) Technical Indicators
- Hourly MACD gradually gains pace within the bullish area.
- The RSI stays well beyond 50.
- Vital support zones – $50,200 and $50,000
- Resistance zones – $51.5K, 52K, and $53.5K
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