Bitcoin Takes Bold Steps Above $ 50,000 As Bitcoin Resumes Its Upward Momentum – August 20, 2021
BTC / USD has passed the USD 48,000 resistance as Bitcoin regains momentum. A rally above the psychological price level of $ 50,000 is expected if the current upward momentum continues. However, if the USD 48,000 support holds, the current upward momentum will continue.
Resistance Levels: $ 4,000, $ 46,000, $ 47,000
Support level: $ 40,000, $ 39,000, $ 38,000
BTC / USD – daily chart
Bitcoin bulls have broken the $ 48,000 overhead resistance as Bitcoin regains momentum. Buyers previously cleared the resistance zones between $ 30,000 and $ 42,451. Buyers have the opportunity to resume the upward momentum. The current bullish momentum will rise above $ 50,000. However, buyers are likely to face stiff resistance at the high of $ 51,000. BTC / USD has rebounded to $ 49,400 at the time of writing. Bitcoin is currently recovering from its recent high of $ 49,400. On the flip side, if the price falls back and falls below the $ 48,000 support, BTC price will drop to the previous breakout level of $ 42,000. Another denial at the breakout level will catapult the coin into the previous area-bound zones. Conversely, if the USD 48,000 support holds, recent rallies will continue to rise.
Read Bitcoin (BTC) indicator
The BTC price is at level 67 of the Relative Strength Index Period 14. This indicates that Bitcoin is approaching the overbought region of the market. This implies that Bitcoin does not have enough headroom to recover to the top. The BTC price bars are always above the 21- and 50-day SMAs, suggesting that Bitcoin will go up. In addition, Bitcoin is above the 80% range of the daily stochastics. It indicates that the crypto is trading in the overbought region. The bullish momentum is likely to wear off as sellers appear in the overbought territory.
BTC / USD – 2 hour chart
Meanwhile, the price of BTC consolidated below $ 47,319 as Bitcoin regained momentum. Bullish momentum extended to the high of $ 49,400. Buyers were unable to extend bullish momentum past the $ 50,000 high. The BTC price is falling below the recent high. The market has returned to the support of $ 49,070 but is below the psychological price level of $ 50,000.
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