$BTC After Reclaiming $48K, Can Bitcoin Bulls Take It to $50K?
Overcoming the $48,000 hurdle, the price of bitcoin continued to rise. Bitcoin has touched $48,800 and is exhibiting symptoms of a fall to the downside.
Once again, the $46,500 and $48,000 resistance levels were overcome by the Bitcoin price.
Currently, the price is trading higher than both the 100-hour simple moving average and $47,500.
Hourly analysis of the Bitcoin/US Dollar pair reveals the formation of a crucial bullish trend line with support at $48,000.
Unless the pair closes below the $48,000 support, it might keep moving higher.
The Value of Bitcoin Rises
Once Bitcoin broke over the $45,500 barrier level, a massive upswing began. Bitcoin (BTC) continued to advance into a positive zone after clearing some obstacles at the $46,000 and $47,200 levels.
As their position strengthened, the bulls were able to push the price above the $48,000 barrier. It went as far as the $48,800 area. Consolidating gains, the price has created a new multi-week high above $48,775 and is presently moving sideways. Just below the $48,500 mark, a little drop occurred.
From the $46,602 swing low to the $48,775 high, the price just formed a wave, and it went below the 23.6% Fib retracement line. Above $47,500 and the 100-hour simple moving average, the price of bitcoin is now trading.
On the hourly chart of the BTC/USD pair, there is also a crucial bullish trend line forming, with support near $48,000. The level of $48,500 is the nearest immediate obstacle. After $48,800, the price might begin a new good upswing, as it is the next potential important resistance.
