Bitcoin (BTC) Prediction: Price Holds Gains Above $50,000

Bitcoin found support near the $50,000 zone. A low was formed at $49,130 and the price saw rejection from the 50-week simple moving average (blue).

Bitcoin price still seems to be in a major uptrend on the weekly timeframe. BTC might see a downside thrust before a fresh increase to $70,000.

Bitcoin (BTC) Technical Analysis: Price Still In Uptrend, Could See Downside Thrust Before Fresh Increase To $70,000After a major downside correction, Bitcoin found support near the $50,000 zone. A low was formed at $49,130 and the price saw rejection from the 50-week simple moving average (blue). It seems like the bulls protected $50,000 and the price climbed higher.

There was a recovery wave above the $53,500 and $55,000 resistance levels. The price cleared the 50% Fib retracement level of the downward move from the $70,162 swing high to the $49,130 low.

On the weekly chart of BTC , the price even surpassed the $60,000 resistance level. However, the bears seem to be active near the $62,000 resistance level. There was a rejection near the 61.8% Fib retracement level of the downward move from the $70,162 swing high to the $49,130 low.

Bitcoin price seems to be following a crucial bullish flag with resistance at $68,500 on the weekly chart. If there is another increase, the price could face resistance near the $60,000 level. The first major resistance is near the $62,000 level.

The next key resistance is forming near the $65,000 level. The main resistance is now forming near the channel and $68,500. A close above the $68,500 resistance could initiate a fresh surge. In the stated case, the bulls could aim for a move above the $72,000 resistance. The next major hurdle sits at $75,000, above which the price could aim for $80,000.

Another Decline In BTC?

Conversely, Bitcoin price might fail to start a fresh increase and dip again. Immediate support on the downside is near the $56,500 level. The first major support is near the $55,000.

The next major support sits at the channel trend line at $53,800. A weekly close below the channel support could spark sharp losses. The main support sits near the $50,000 level. Any more losses might send BTC toward the $38,500 level.

Overall, Bitcoin is consolidating gains above $50,000. BTC could start a fresh increase unless there is a weekly close below $50,000.

The above is the detailed content of Bitcoin (BTC) Prediction: Price Holds Gains Above $50,000. For more information, please follow other related articles on the PHP Chinese website!