• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis BTC

TA: Bitcoin Surges 20% To New ATH, Why BTC May Soon Test $50K

Aayush Jindal by Aayush Jindal
2 months ago
in BTC
Reading Time: 2min read
Bitcoin
Advertisement

Bitcoin price started a strong surge above the $42,000 resistance against the US Dollar. BTC traded to a new all-time high near $47,500 and it remains supported for more gains.

  • Bitcoin started a strong increase above the $40,000 and $42,000 resistance levels.
  • The price is now well above $45,000 and the 100 hourly simple moving average.
  • There was a break above a bullish continuation pattern with resistance near $43,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to continue higher towards the $48,000 and $50,000 levels in the near term.

Bitcoin Price is Gaining Bullish Momentum

After the report highlighting Tesla’s bitcoin holding, bitcoin price started a strong surge above the $42,000 resistance. BTC rallied over 20% and it broke many hurdles on the way up.

After hitting $44,500, there was a minor consolidating. Finally, there was a break above a bullish continuation pattern with resistance near $43,500 on the hourly chart of the BTC/USD pair. The pair climbed further higher above the $45,000 and $46,000 levels.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The price traded to a new all-time high near $47,513 before it started a downside correction. There was a break below the $46,500 level. Bitcoin corrected below the 23.6% Fib retracement level recent rally from the $42,528 swing low to $47,513 high.

Bitcoin Price

Source: BTCUSD on TradingView.com

It is now well above $45,000 and the 100 hourly simple moving average. The next key support is near the $45,000 level. It is close to the 50% Fib retracement level recent rally from the $42,528 swing low to $47,513 high.

On the upside, a break above the $47,500 zone could open the doors for more gains. The next target could be $48,500, but the bulls might aim a test of the $50,000 level in the near term.

Dips Supported in BTC?

If bitcoin fails to continue higher, it could correct lower towards the $45,500 and $45,000 levels. The next major support is near the $44,250 level (the recent breakout zone).

Any more losses below the $45,000 and $44,250 support levels could spark a downside extension. In the stated case, the price might dip towards the $42,000 support.

Technical indicators:

Hourly MACD – The MACD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still in the overbought zone.

Major Support Levels – $45,000, followed by $44,250.

Major Resistance Levels – $47,500, $48,000 and $50,000.

Tags: bitcoinbtcusdBTCUSDTxbtusd
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

bitcoin dollar dxy btcusd

Bitcoin, Coinbase Crypto Euphoria Is Blind To Potential Dollar Reversal

3 hours ago
Bitcoin

TA: Here’s Why Bitcoin Price is Signaling Upside Continuation To $65K

20 hours ago
bitcoin bearish chart

The Bearish Bitcoin Chart Bulls Definitely Don’t Want To See

22 hours ago
Bitcoin

Bitcoin Prepares For its Next Move: Where is the 100 SMA, the Key BTC Level?

2 days ago
By The Numbers: The Rate Bitcoin Must Climb To Reach $100K By July

By The Numbers: The Rate Bitcoin Must Climb To Reach $100K By July

2 days ago
crypto bitcoin fireworks

Grand Finale: Bitcoin Price Closes Record High Weekly, Could Conclude Cycle

2 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
Bybit

Bybit

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Top ICOs

Student Coin

Student Coin

Review · Visit

Token sale

Holdefi

Holdefi

Review · Visit

Press Releases

Crypto Exchange Platform AAX Reveals HKD, SDG, and GBP as the Top Three Fiat Currencies Deposited In April

April 14, 2021

Polkadex IDO Launches On Polkastarter on the 16th of April

April 13, 2021

Fast-Growing Exchange Bityard to Launch Its First Contest for Global Traders

April 13, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Invest BTC
  • Join STC ICO

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.