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Bitcoin price analysis: Bullish BTC hits $50,000

Bitcoin price analysis Bullish BTC hits

TL;DR Breakdown

  • Bitcoin price analysis reveals that bullish BTC has hit the $50,000 mark once again.
  • The mark was previously hit in August and, after a flash crash, went bearish.
  • Current support is found at the $47,049 mark.
  • Current resistance is found at the $51,148 mark.

Bitcoin price analysis reveals that the king of cryptocurrency is now enjoying the full swing of the bullish momentum that has been brewing for over three days. The king of cryptocurrency has hit the $50,000 price mark yet again, making it the monthly all-time high. Bitcoin is clearly moving through bullish momentum for over three days, while during the past 24 hours, BTC has been up by 5.19 percent while the king is up by over 20 percent during the past seven days.

Bitcoin price analysis: One day chart reveals bullish momentum

The one-day Bitcoin price analysis chart reveals that the king of cryptocurrency is still enjoying the bullish momentum that was initiated on the 1st of October after a flash rise in the price from the $44,000 to $47,000 high level. With the volatility slightly increased at the time of writing, the king of cryptocurrency is doing mighty fine when it comes to bullish momentum. The upper Bollinger band present at the strongest resistance point is found at the $51148 mark. While the bullish momentum is confirmed on the chart with the current price standing above the moving average, the Bollinger bands’ average, and the lower Bollinger band.

Bitcoin price analysis: Bullish BTC hits $50,000 1
BTC/USD 1-day candlestick price chart source: Trading View

The nine-day moving average is found at the $45,808 mark, while the Bollinger band average is found at $45,190. The lower Bollinger band marking the strongest support is found at the $39,232 mark. Whereas the relative strength index (RSI) is found at the score of 62.33, slightly leaning towards the oversold side.

BTC/USD 4-Hour chart reconfirms bullish momentum

The four-hour Bitcoin price analysis chart shows further confirmation of the brewing bullish momentum that has taken the price above the $50,000 mark once again. Although the volatility is increasing on the four-hour chart, the bullish crossover has occurred on the chart already. The current price is above the upper Bollinger band marking a full-fledge bullish run on the charts.

Bitcoin price analysis: Bullish BTC hits $50,000 2
BTC/USD 4-hour candlestick price chart source: Trading View

The upper Bollinger band is found at $49,861, marking the strongest support instead of resistance at the time of writing. The nine-day moving average also acting as strong support is found at the $48,723 mark. While the Bollinger bands’ average is found at the $48,334 mark. The lower Bollinger band is found at the $46,807 mark. The RSI score is on the oversold zone with a score of 71.59 at the time of writing.

Bitcoin price analysis: Conclusion

The king of cryptocurrency is enjoying bullish momentum after almost a month, and the current momentum is likely to rule the market as a whole for at least another day or so. The current bullish momentum can take the price further high, to the $51,000 range if there is no pullback from the bearish side. On the other hand, if the current support is lost, the king of cryptocurrency is likely to falter along with the support, and the price can fall back to the $47,000 range or even lower.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions. 

Andrew

Andrew

Andrew is a journalist and cryptocurrency enthusiast who writes for the love of blockchain and cryptocurrency. He possesses vast knowledge of cryptocurrency, blockchain and other fintech and tech-related areas he has been covering for a long time.

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