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Bitcoin Becomes Attractive Above $50K Again, Could Rally Soon

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Bitcoin becomes attractive above the $50K level again and there are chances that it could rally soon again above $55K with BTC consolidating the gains so let’s read more in our latest BTC news.

BTC is trading in a positive zone above the $50K and the $50,500 support levels as Bitcoin becomes attractive again with the price now trading well above $51K and the 100 hourly simple moving average and the major bearish trend line forming the support near the $49,800 on the hourly chart of the BTC/USD pair that could extend the rally once it manages to shoot higher than $52,000 in the near-term.

Source BTCUSD on TradingView.com

After it closed above $48K resistance, BTC gained more strength above the main $50K resistance and cleared the $51,000 level spiking to $52,000. It then traded to a new high of the month at $52,650 and managed to settle above the 100 hourly simple moving average. BTC is now trading in a positive zone in the $50K support levels with a minor correction below the $51,000 level. The price traded below the 23.6% fib retracement level of the upwards movement from the $47,102 low to $52,648 high but the bulls were active near the $50K and the $49,500 levels.

btcusd
The rise of Bitcoin and Ethereum over the last year has been undeniable Source BTCUSD on TradingView.com

There’s another bullish trend line that is forming with support near the $49,800 on the chart of the BTC/USD pair and it managed to stay above the 50% fib retracement level of the upwards movement from the $47,102 low to the $52,648 high. BTC is trading now above $51,000 and testing a connecting bearish trend line so with a clear break above the trend resistance that could open the doors for a move towards $52,500 and $53,200 with the key resistance sitting near the $55,000 level. if BTC fails to continue higher above the $52,000 resistance and there could be another decline. The first key support on the downside with it nearing the $50,500 level.

The next major support is also near the $50K level and the trend line and if there’s another downside break below the trend line support with the price could test the $48K support and the 100 hourly SMA and the MACD is now gaining momentum in the bullish zone. The hourly RSI is well above the 50 levels and the major support level is set at $50,500 followed by $50K.

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