Bitcoin price extended its surge to over $ 50,000 before correcting lower against the US dollar. BTC could find bids near $ 48,250 and start a new rally.

  • Bitcoin began another spike above the $ 49,500 and $ 50,000 resistance levels.
  • The price is now trading above $ 48,500 and the 100-hour simple moving average.
  • The hourly chart of the BTC / USD pair (data feed from Kraken) broke below a major bullish trendline with support near USD 49,000.
  • The pair could start a fresh move as long as it is above the USD 48,000 support zone.

Bitcoin price drops from $ 50K

Bitcoin price extended its surge above the USD 49,000 resistance zone. BTC even surpassed the USD 50,000 resistance zone but failed to rise any further.

A high was made at $ 50,364 before the price corrected lower. There was a break below the USD 50,000 and USD 49,000 levels. There was also a break below a major bullish trendline with support near $ 49,000 on the hourly chart for the BTC / USD pair.

The pair tested the 50% fib retracement level of the move up from the low of $ 46,640 to the high of $ 50,364. Bitcoin is also trading above $ 48,500 and the 100-hour simple moving average.

Source: BTCUSD on TradingView.com

The next major support is near the $ 48,250 and $ 48,000 levels. It is near the 61.8% Fib retracement level of the move up from the low of $ 46,640 to the high of $ 50,364. If there is a bearish break below the USD 48,000 support zone and the 100-hour SMA, the price could begin another decline. The next big support is near the $ 46,500 mark.

New rally at BTC?

If Bitcoin stays above the USD 48,000 support zone and the 100-hour SMA, it could see another spike. Immediate resistance to the upside is near the $ 49,000 mark.

The first major resistance is near the $ 49,200 mark. A closing price above the $ 49,200 mark could push the price towards the $ 50,000 zone. Further gains could move the price towards the $ 51,550 resistance. The next big hurdle for the bulls could be near the $ 52,000 zone.

Technical indicators:

Hourly MACD – The MACD is picking up pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is just below the 50 level.

Major Support Levels – $ 48,250, followed by $ 48,000.

Main Resistance Levels – $ 49,200, $ 50,000, and $ 50,400.

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