• Fri. Mar 29th, 2024

Bitcoin (BTC) Climbs Higher, Why Bulls Might Eye Further Increase to $52,000

Avatar

By

Dec 16, 2021
  • BTC started a lucrative surge beyond the levels of $47.5K and $48K.
  • For now, the currency trades beyond $48.5K and 100-hr SMA.
  • BTC/USD hourly price chart indicates a break beyond a bearish trend-line with resistance around $48.2K (Kraken data).
  • The pair requires a close beyond the resistance at $40K for accelerated gains.

Bitcoin (BTC) kick-started an upward move beyond the resistance level at $48,000. The largest crypto by value should close past $50,000 to gain an upward pace.

BTC Starts Recovery

Bitcoin price sailed on recovery waves beyond the resistance zone of $47.5K. Bitcoin bulls gained momentum for an upward move past the challenging area around $48K. The upward price actions had the crypto breaking the Fibonacci retracement zone of the latest drop to $46.7K low from $48.8K. Furthermore, Bitcoin hourly chart shows a break beyond the bearish trend-line with resistance around $48.2K.

For now, BTC trades above $48.5K and 100-hr Simple Moving Average. The bellwether digital assets test the resistance zone of $49,250it appears like 1.236 Fibonacci extension level of the latest fall from swing high at $48.8K to $46.7K serving as a resistance zone.

(Advertisement)Artificial Intelligence Crypto Trading
CypherMind-HQ.com Artificial Intelligence Crypto Trading System – Get Ahead of the Curve with this sophisticated AI system! Harness the power of advanced algorithms and level up your crypto trading game with CypherMindHQ. Learn more today!


The first massive resistance sits near $49.5K. The other vital hurdle might emerge at $50K. A decisive break beyond the $50K hurdle might open the path to further upward moves. Additional resistance might showcase around the $51.2 mark. After that, Bitcoin can surge to the optimistic target of $52K.

BTC Drops Limited?

Bitcoin can enter the downward trend with a failure to conquer the resistance level at $49,250. With that, BTC would discover an immediate footing to the downside around the $48,250 mark and 100-hr SMA.

The initial crucial support floor develops around $48,000. Meanwhile, the primary support is neat $47,500. Breaching $47.5K to the downside might catalyze another plummet in the short term. With that, the coin will decline towards the support zone at $45,000.

The overall crypto market cap stands at $2.38 trillion today, a 3.7% 24hr surge (CoinGecko data)

Bitcoin Technical Indicators

  • MACD loses pace gradually inside the bullish region.
  • BTC/USD’s hourly RSI stays beyond the 50 mark.
  • Vital support levels: $48,250 and $47,500
  • Vital resistance levels: $49,250, $50K, and $52K.
Avatar

Leave a Reply

Your email address will not be published. Required fields are marked *

Don't Miss Out On CypherMindHQ

#1 Artificial Intelligence Crypto Trading System

Sign Up Now

Try Crypto Engine With a Trusted Broker