Bitcoin price analysis: BTC to retest $50,000

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2051
  • Bitcoin price analysis reveals that the cryptocurrency is ready to retest $50,000 high.
  • Support is currently found at the $49,200 mark.
  • Resistance is currently found at the $49,550 mark.

Bitcoin price analysis reveals that the king of cryptocurrency has now gathered enough support to retest the $50,000 high. At the time of writing, Bitcoin price has risen up to the $49,500 mark in a flash rise from the $49,200 range. The king of cryptocurrency is trading 0.37 percent in gains in the past 24-hours and over one percent in gains during the past seven days.

BTC/USD 1-day price chart reveals newly found support levels

The 1-day Bitcoin price analysis candlestick chart reveals that the volatility is decreasing compared to the past week, and the king has found some good support. The upper Bollinger band limit is found at the $50,868 level, serving as the strongest resistance at the time of writing. Whereas the lower Bollinger band is found at the $43,932 mark, serving as the strongest support point at the time of writing. The nine-day moving average (SMA 9) and the Bollinger bands’ average are serving as good support points at $48,771 and $47,400 marks, respectively.

Bitcoin price analysis: BTC to retest $50,000 1
BTC/USD 1-day candlestick price chart. Source: Trading View

The relative strength index (RSI) is currently hovering near the 60s with a score of 62.17, which is well below the overbought zone and providing a cushion for buyers to push the price above the $50,000 mark.

Bitcoin price analysis: 4-hour chart confirms the bullish trend

The four-hour Bitcoin candlestick chart further confirms the current bullish momentum and the support found to retest the $50,000 mark in the hours to come. The king of cryptocurrency is going smooth for now. The volatility has, however, increased to some levels compared to the past few days. The upper Bollinger band is found at the $49,948 mark, serving as the strong resistance.

Bitcoin price analysis: BTC to retest $50,000 2
BTC/USD 4-hour candlestick price chart. Source: Trading View

The lower Bollinger band is found at the $46,193 mark serving as the strongest support on the four-hour chart. The moving average is at $48,902, and the Bollinger bands’ average is found at the $48,071 mark, both serving as strong support levels at the time of writing. The relative strength index (RSI) is, however, a bit higher on the four-hour chart with a score of 63.08, still low enough to provide the buying cushion to the traders necessary to retest the $50,000 high once again.

Conclusion

The king of cryptocurrency enjoys a unique position in the market as the pioneering cryptocurrency and the industry leader. More often than not, the Bitcoin price movement is what fixes the market momentum and pace. At the time of writing, Bitcoin is struggling to get past the $49,550 resistance mark. If the current support persists, the king is likely to retest the $50,000 mark. If the current support level fails, that king would fall back to the $49,000 range or lower before taking another jab at the $50,000 high. Traders have enough cushion to push the price into the $50,000 range; with aggressive yet calculative buying, the mark can be made in few hours.

Source: cryptopolitan.com

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