Bitcoin shoots past $50k
A new BTC price rally could extend to the $60K level because the current uptrend movement is intact so let’s find out more in our latest Bitcoin news today.
The BTC price gained bullish momentum above $50K and traded to a new all-time high of $57,500 against the US dollar with the price being supported and eyeing a retest of the $60K. Bitcoin managed to climb above $50K and traded to a new ATH near the $57,500 level with the price trading above $55,000 and the 100 simple moving average. There’s a key bullish trend line forming with the support near $54,000 on the 4-hour charts of the pair which is showing plenty of positive signs and the bulls that eye for the $60,000 test zone.
Over the past week, the BTC price extended its rise above $50K resistance and the pair even managed to break higher, settling above the 100 simple moving average. It then traded to a new all-time high of $57,500 while starting a downside correction. There was a dip below $56,000 and $55,000 levels with the price breaking the 23.6% fib retracement level from the move of $50,634 low to $57,500 high.
There’s also another bullish trend line forming near $54K on the 4-hour charts of the pair with it recovering and trading above $55,000. The initial resistance is near the $57,000 level and the first major resistance is near the $57,500 level. breaking above these will open the doors for more upsides with the next major resistance for the bulls being set at $60K.
The new BTC price rally could extend higher but if the number one cryptocurrency struggles to clear the $57,500 resistance, there are more chances of a downside correction with the first support nearing the $54,000 trend line. The next major support is close to the $52,500 level so if there’s a break and close below this support zone, BTC could drop to $50K in the near-term.
As reported earlier, A day after the leading cryptocurrency increased more than $5000 and achieved a $1 trillion market cap, BTC reached another ATH and crossed the $57K level for the first time, launching a new crypto rally. The price of the asset reached $57,492 before settling back to $56,265 marking an 8.77% rise over the past 24 hours and before the fun and games started, BTC was about $51,600.
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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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