Key Takeaways:
- Bitcoin price is holding gains above the 50-week simple moving average (blue).
- BTC/USD seems to be following a crucial bullish flag with resistance at $68,500 on the weekly chart.
- The price could start another increase if the price remains stable above $52,000.
Bitcoin is still in a major uptrend on the weekly timeframe. BTC could see a downside thrust before a fresh increase to $70,000.
Bitcoin (BTC) Prediction: Price Holds Gains Above $50,000
After 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.
The weekly chart of BTC predicts that 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.
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