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Bitcoin Price Analysis: BTC breaks above $50,000, targets $53,500 next?

Bitcoin Price analysis

TL;DR Breakdown

  • Bitcoin price analysis is bullish today.
  • BTC/USD set higher low yesterday.
  • Previous local high at $50,000 broken overnight.

Bitcoin price analysis is bullish today as we expect more upside to follow after moving past the $50,000 resistance in a clear way overnight. Therefore, we expect BTC/USD to continue higher,  with the next target located at the $53,500 resistance.

Bitcoin Price Analysis: BTC breaks above $50,000, targets $53,500 next? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market saw bullish momentum return over the last 24 hours. The market leader, Bitcoin, gained 4.99 percent, while Ethereum by 4.63 percent. Meanwhile, Matic Network(MATIC) dominates the market with an over 20 percent increase.

Bitcoin price movement in the last 24 hours: Bitcoin continues to retrace, reaches $52,000

BTC/USD traded in a range of $48,733.13 – $51,841.97, indicating strong volatility over the last 24 hours.  Trading volume has declined by just 1.57 percent, totaling $34.91 billion. Meanwhile, the total market cap trades around $973.6 billion, resulting in a market dominance of 40.58 percent.

BTC/USD 4-hour chart: BTC continues to $52,000

On the 4-hour chart, we can see the Bitcoin price still moving higher over the last hours, likely leading to the $53,500 resistance next.

Bitcoin Price Analysis: BTC breaks above $50,000, targets $53,500 next?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has traded with strong bearish momentum so far in December.  After consolidation below $59,00 at the beginning of the month, a strong selloff began last Friday.

BTC/USD quickly declined by 25 percent, setting a strong lower low around $42,500. A sharp reaction higher followed, sending the market into a consolidation below $50,000 over the weekend.

After retesting the downside Yesterday, the Bitcoin price started to push higher again by the end of the day. Overnight, a new higher local high was set, with the $52,000 mark currently being the daily high.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish today as we saw a strong rally overnight continue over the past hours. Likely BTC/USD will move towards the next resistance at $53,500 to set another higher high.

While waiting for Bitcoin to move further, see our articles on How to mine Monero, XRP vs BTC, and DeFi Wallet Review.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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