Bitcoin shows positive signs again and there are chances of it surging above $50,000 against the US dollar with the coin likely starting a new increase in the next few days so let’s have a look at our latest bitcoin news and analysis below.
The price is approaching the $50,000 resistance and the 100 simple moving average with the key contracting triangle forming near this resistance level on the 4-hour charts of the pair. The pair will likely start a strong increase if it manages to clear the $50K and $50,500 resistance levels. Over the past week, the price corrected lower below the $48,000 support zone against the US dollar with the pair breaking the $47K level and settling below the 100 simple moving average as bitcoin shows positive signs again.
The bulls were able to protect the downside break below the $46,000 area and a new low was formed near the $46,350 before the price started a new increase. BTC managed to clear the $47,000 and $48,000 resistance levels with it being able to break above the 50% fib retracement level from the downward move from $52,640 high to $46,350 low. the coin is approaching the $50K resistance and the 100 simple moving average and there’s also a key contracting triangle that is forming near the resistance of $50,200 on the 4-hour charts.
The triangle resistance got closer to the 61.8% fib retracement level from the downward move at $52,640 high to $46,350 low with a break above the triangle resistnace opening the doors for a fresh increase towards $53,000. The next major hurdle will be near $55,000 but if BTC fails to clear it, it could drop lower with the first support being $48,800. The main support is near the $48,000 trend line and the break below this support zone could clear the path to $45,000 in the near-term. The 4-hour MACD for the pair is showing positive signs in the bullish zone while the 4-hour RSI is well above the 50 level.
As recently reported, Glassnode CTO asserted that the Bitcoin support at $47K is very strong after the recent price falls. The data scientist studied the number of existing Bitcoins that moved in the price bucket and placed it against other price levels noting that the UTXO Realized Price Distribution near the $47K region was higher than the rest in recent times and outlined that the range prompted the network participants to become even more active than usual.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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