- Bulls dominate Bitcoin price analysis as the battle for Fort $52K rages on
- A confident breakout past the $50,000 resistance encourages more long positions
- Consolidation phase after $50K to further bolster move towards $54,500 high
The BTC traders have once again proven that the current price action is all about consolidation. The present price movement, just like those in the recent past, was all about consolidating at lower price levels and culminating the move into a new bull run. The Bitcoin price analysis is now in the positive zone and breaks into new highs as the $52,000 level approaches.
The overall sentiment in the crypto market is muted. The altcoins are slowly grinding upwards. The BTC/USD pair also moves sideways in a tight range, but the higher highs are steadily taking the price higher. The underlying momentum in the Bitcoin price analysis remains higher, albeit at a crawling speed. The current trajectory is more predictable, and traders are making straightforward moves with an upward bias.
The correction, consolidation, and uptrend move have been a defining characteristic of the current BTC rally. Market participants have been rewarded well following this pattern. The macroeconomic factors, including treasury yields and institutional selling fears, have subsided for now.
Bitcoin price movement in the last 24 hours: Steadily piercing through resistances
BTC has been trading near the $50,000 resistance for the past 24 hours. Buyers have confidently broken past the resistance level after posting highs close to the $52,100 level. The decisive move above the $51,000 level opens up fresh new opportunities beyond $54,000 once again on the daily charts.
As per Bitcoin price analysis, the BTC/USD pair’s critical resistance zone lies near the $52,240 region. The $52,000 zone is getting challenging to cross as the pair has been rejected twice in the past 24 hours from this resistance. A daily close above this resistance will open up the next resistance at the $56,000 level. Failure to close above $54,000 can result in a small Doji candle which can speel downfall for the BTC bulls. The move can lead to another correction towards the $48,000 level.
Any weakness in the bull run is not evident in the past 24 hours except the rejection from the $52,000 level. The all-time highs at $58,000 will be achieved only if the pair closes above $56,000 decisively. Repeated attempts to cross over $52,000 resistance shows that bulls are getting stronger and building momentum on the price dips. Each shot only makes the resistance weaker.
BTC/USD 4-hour chart: Higher lows signal bullish strength
Hourly Bitcoin price analysis shows that the bullish candles are posting higher lows on the charts. The pattern signifies that buyers are slowly increasing their long positions, and bulls are getting stronger. This should give another attempt at a $55,000 resistance zone in the near term.
The only factor threatening the BTC/USD uptrend is the treasury yields and a stronger U.S. dollar. The resurgent dollar is also at the beginning of an uptrend, and it can weaken the bull run currently underway in Bitcoin. However, the U.S. Dollar and the government bonds are facing resistance and may undergo a correction. A large resistance region lies ahead for both these assets, which in turn can mean the continuation of the BTC/USD bullish run.
The RSI is at 50 level, and the MACD is currently staging a crossover. Thus, the price movement can swing to either side in Bitcoin price analysis. The BTC/USD pair must not merely cross over the $52,000 level but close above the $52,450 resistance level. Traders should anticipate a correction below the $48,000 level providing the BTC/USD experiences immense selling pressure past this breakout point.
Bitcoin price analysis conclusion: Bulls are in charge of price action
The 21-day simple moving average is near the $51,100 level, and bulls face resistance at this pivot point. The repeated failure to cross the 21-day SMA shows that the volume momentum is building up slowly. The upside breakeven point of the current bull run comes around $52,650 level. However, the BTC/USD pair must cross the $56,000 pivot point to target the all-time highs again on the hourly charts.
Any untoward movement in the treasury yields and a resurgent U.S. dollar will also impact the BTC/USD pair. The altcoin realm is relatively muted, and looking to Bitcoin for any guidance. Bitcoin price analysis is turning bullish from neutral stance in the last 24 hours.
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