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On Monday, Bitcoin (BTC) strengthened its ascent, as a result of which the BTC / USD pair regained decisive support above $ 50,000. Since then, the price of the cryptocurrency has been constantly deflected by the resistance level of $ 52,000, but attempts to approach this level continue.
Hourly chart BTC / USD
As of this writing, the BTC price has retreated back to the $ 50,500 level and looks set to continue hovering around that level in the near future.
Bitcoin was rejected at $ 51.6 thousand. This is an important level, as is the $ 53,500-55,500, – tweeted cryptanalyst Michael van de Poppe. – After the recent collapse to 49.6 thousand dollars, we will re-test the resistance zone.
Therefore, a daily close above the $ 51,600 level could support the bulls or push the BTC price to cross the $ 52,000 psychological mark.
The rising Relative Strength Index (RSI) confirms BTC’s bullish sentiment.
BTC / USD daily chart
Despite the constant attempts of bitcoin to break up, the nerves of crypto traders are still at their limit, as the market does not leave the statements that the current growth may be temporary and the main recession is still ahead.
If BTC / USD falls below the $ 50,000 level, massive sell orders may occur, which will drop the price even lower. However, the major cryptocurrency may find support at the 200-day simple moving average (SMA) of around $ 46,708.
#Keeping #Bitcoin #Strengthens #Chances #Recovery
