• Fri. Mar 1st, 2024

Bitcoin (BTC) Climbs Higher, Why Bulls Might Eye Further Increase to $52,000



Dec 16, 2021
  • BTC started a lucrative surge beyond the levels of $47.5K and $48K.
  • For now, the currency trades beyond $48.5K and 100-hr SMA.
  • BTC/USD hourly price chart indicates a break beyond a bearish trend-line with resistance around $48.2K (Kraken data).
  • The pair requires a close beyond the resistance at $40K for accelerated gains.

Bitcoin (BTC) kick-started an upward move beyond the resistance level at $48,000. The largest crypto by value should close past $50,000 to gain an upward pace.

BTC Starts Recovery

Bitcoin price sailed on recovery waves beyond the resistance zone of $47.5K. Bitcoin bulls gained momentum for an upward move past the challenging area around $48K. The upward price actions had the crypto breaking the Fibonacci retracement zone of the latest drop to $46.7K low from $48.8K. Furthermore, Bitcoin hourly chart shows a break beyond the bearish trend-line with resistance around $48.2K.

For now, BTC trades above $48.5K and 100-hr Simple Moving Average. The bellwether digital assets test the resistance zone of $49,250it appears like 1.236 Fibonacci extension level of the latest fall from swing high at $48.8K to $46.7K serving as a resistance zone.

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The first massive resistance sits near $49.5K. The other vital hurdle might emerge at $50K. A decisive break beyond the $50K hurdle might open the path to further upward moves. Additional resistance might showcase around the $51.2 mark. After that, Bitcoin can surge to the optimistic target of $52K.

BTC Drops Limited?

Bitcoin can enter the downward trend with a failure to conquer the resistance level at $49,250. With that, BTC would discover an immediate footing to the downside around the $48,250 mark and 100-hr SMA.

The initial crucial support floor develops around $48,000. Meanwhile, the primary support is neat $47,500. Breaching $47.5K to the downside might catalyze another plummet in the short term. With that, the coin will decline towards the support zone at $45,000.

The overall crypto market cap stands at $2.38 trillion today, a 3.7% 24hr surge (CoinGecko data)

Bitcoin Technical Indicators

  • MACD loses pace gradually inside the bullish region.
  • BTC/USD’s hourly RSI stays beyond the 50 mark.
  • Vital support levels: $48,250 and $47,500
  • Vital resistance levels: $49,250, $50K, and $52K.

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