BTC Revisited $50K But It’s Still Struggling Near $51K Level

BTC Revisited $50K overnight with the price starting a strong recovery from $53,000 against the US dollar with it testing even higher but facing strong selling interest near $51K so let’s read more in our latest Bitcoin news today.

The price is again trading at $48K and the 100 hourly simple moving average with the break above the major contracting triangle and the resistance at $47,500 on the hourly charts of the pair. The pair could climb above $50K again but will likely face sellers near $51,000 or higher. After testing the $43K zone, BTC started a new recovery wave and cleared the $45K level with the $46K resistance levels as well. The bulls were able to gain strength and resulted in a move above $47K and the 100 hourly simple moving average.

There was a new break above the major contracting triangle and the $47,500 resistance on the hourly chart of the pair and the pair even broke the $48K resistance after BTC revisited $50K level. The new high was formed near $50,190 and the price is now consolidating the gains with initial support nearing the $48,500 level. It is also close to the 23.6% fib retracement level from the wave of $43,064 low to $50,190 high.

On the upside, the price will face a strong resistance level near K and if there’s a successful daily close above it, the price will prepare for an upside continuation and the price could even hit K in the near-term.
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If BTC continues higher above $51K resistance levels, there will be a fresh drop and the first key support on the downside will be set at $48K. The next major support is near the $46K level and the 100 hourly simple moving average and it is close to the 50% fib retracement level from the wave of $43,064 low to $50,190 high. If the bulls don’t protect this support zone, there’s a risk of a sharp decline towards the $43,000 support zone.

The hourly MACD for the pair is slowly gaining momentum in the bullish zone while the hourly RSI if well above the 50 levels. The major support levels include $48,000 and $46,500 with the major resistance levels including $50,000 and $51,000.