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Home»EXCHANGE NEWS»Could Bitcoin bulls reach the $55,000 barrier this week?
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Could Bitcoin bulls reach the $55,000 barrier this week?

By Crypto FlexsFebruary 15, 20243 Mins Read
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Could Bitcoin bulls reach the ,000 barrier this week?
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Bitcoin price continued its upward trend above the $52,000 resistance line. BTC is consolidating gains and could target further upside against $55,000 resistance.

  • Bitcoin price remained in a bullish zone above the $51,000 and $51,200 levels.
  • The price is trading above $51,200 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) shows two bullish trend lines forming with support at $51,450 and $49,200.
  • A break above the $52,500 resistance area could continue the rise.

Bitcoin price rally extends

Bitcoin price began to rise steadily above the $50,000 resistance zone. BTC strengthened above the $50,500 and $51,200 levels. It even surged above the $52,000 resistance zone.

A new multi-week high was made near $52,493 and the price is currently on an upward trend. From the swing low of $48,240 to the high of $52,493, the uptrend remains above the 23.6% Fib retracement level of the recent wave. The hourly chart of the BTC/USD pair shows two bullish trend lines with support at $51,450 and $49,200.

Bitcoin is currently trading above $51,200 and the 100-hour simple moving average. Immediate resistance is near the $52,500 level. The next major resistance level could be $53,200, above which the price could continue its upward trend.

Source: TradingView.com BTCUSD

The next stop on the uptrend could possibly be $54,400. A clear break above the $54,400 resistance level could push the price towards the $55,000 resistance level. The next resistance could be near the $56,500 level.

Fixing BTC’s shortcomings?

If Bitcoin fails to break above the $52,500 resistance zone, another near-term downward correction could begin. Immediate support for the downside is near the $51,500 level and the first trend line.

The first major support is at $50,500 and the 50% Fib retracement level of the recent wave fell from $48,240 to $52,493. The price could gain bearish momentum if it closes below $50,500. If indicated, the price may plunge towards the $49,200 support and the second trend line.

Technical indicators:

Hourly MACD – MACD is now picking up speed in bullish territory.

Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.

Key support levels – $51,500, then $50,500.

Key resistance levels – $52,500, $53,200 and $54,400.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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