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TA: Bitcoin Price Reclaims $50K, Isn’t Rally Over Yet?

Bitcoin (BTC) price started a new increase above the $50,000 resistance against the US Dollar (at the time of writing). 

BTC is showing positive signs, and there could be more gains towards $52,000. Further, BTC gained pace after it broke the $49,500 resistance zone at the time of writing. 

The price is trading well above $50,000 and the 100 hourly simple moving average. Moreover, there was a break in a critical declining channel with resistance near $48,800 on the hourly chart of the BTC/USD pair. 

The pair could correct lower, but dips might be limited below the $50,000 zone.

BTC Price Gains Momentum

Bitcoin price formed a base and started afresh increase above the $48,000 level. Besides, BTC has gained pace for a move above the $48,200 level and the 100 hourly simple moving average.

There was a break of a critical declining channel with resistance near $48,800 on the hourly chart of the BTC/USD pair. Additionally, the pair rallied above the $50,000 resistance zone to move into a positive zone. The bulls were able to push the price above the $50,000 level.

Moreover, Bitcoin traded as high as $51,500 and is currently consolidating gains. It is well above the 23.6% Fib retracement level of the recent increase from the $48,105 swing low to $51,500 high. Also, it is trading well above $50,000 and the 100 hourly simple moving average.

In addition, if the BTC fails to clear the $51,500 resistance zone, it could start a downside correction at the time of writing.



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