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Bitcoin Price Analysis: BTC Eyes More Upsides To $50K

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  • Bitcoin price rallied to a new all-time high near $48,250 against the US Dollar.
  • The price is now consolidating above $45,500 and the 55 simple moving average (4-hours).
  • There is a key contracting triangle forming with resistance near $47,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair is likely to surge above $47,000 as long as there is no break below the $45,000 support.

Bitcoin price is trading nicely in a major uptrend above $45,000 against the US Dollar. BTC is likely to aim more gains towards the $50,000 level in the near term.

Bitcoin Price Analysis

In the past few days, there was a strong increase in bitcoin price from the $40,000 support zone against the US Dollar. BTC broke the $42,000 and $45,000 resistance levels to move further into a positive zone.

The price even cleared the $46,800 level and traded to a new all-time high near $48,250. The price is now consolidating gains above the $46,000 support level. There was a test of the 23.6% Fib retracement level of the upward move from the $37,415 low to $48,250 high.

The price is now consolidating above $45,500 and the 55 simple moving average (4-hours). There is also a key contracting triangle forming with resistance near $47,000 on the 4-hours chart of the BTC/USD pair.

If there is a downside break below the triangle support, the pair could continue to move down towards the $45,000 support level. Any more downsides might call for a decline towards the $42,800 support level. It is close to the 50% Fib retracement level of the upward move from the $37,415 low to $48,250 high.

Conversely, there are chances of a decent increase above the $47,000 resistance. The next major resistance is near the $48,250 level. A clear break above the $48,250 resistance could open the doors for more upsides. In the stated case, the price could aim a test of the $50,000 level.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin price is clearly trading well above $45,000 and the 55 simple moving average (4-hours). Overall, the price is likely to surge above $47,000 as long as there is no break below the $45,000 support.

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $45,800 and $45,000.

Key Resistance Levels – $47,000, $48,250 and $50,000.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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