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Home»EXCHANGE NEWS»Will the Bitcoin price hold support and the BTC upward trend continue soon?
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Will the Bitcoin price hold support and the BTC upward trend continue soon?

By Crypto FlexsFebruary 14, 20243 Mins Read
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Will the Bitcoin price hold support and the BTC upward trend continue soon?
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Bitcoin price began a downward correction in the $50,400 area. BTC tested $48,250 and is currently attempting a fresh hike above $50,000.

  • Bitcoin price maintains an upward trend above the $48,250 and $48,500 support levels.
  • The price is trading above $48,850 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) shows a key bullish trendline with support at $48,750.
  • A break above the $50,000 resistance area could continue the rise.

Bitcoin price remains supported

Bitcoin price rose above the $48,800 resistance zone. BTC also surged above the $50,000 resistance zone before beginning a downward trend. A new multi-week high was established near $50,339 before the price began to fall.

It moved below the $49,500 and $49,200 levels. The price fell below $49,000, but bulls remained active above the $48,250 support. A low was made near $48,240 and the price is currently rising. There was a move above the $48,800 area.

Bitcoin recently cleared the 50% Fib retracement level of the decline from the $50,390 swing high to the $48,240 low. It is currently trading above $48,850 and the 100-hour simple moving average.

The hourly chart of the BTC/USD pair also has a major bullish trendline with support at $48,750. Immediate resistance is near the $49,880 level or the 76.4% Fib retracement level of the recent decline from the $50,390 swing high to the $48,240 low.

Source: TradingView.com BTCUSD

The next major resistance could be $50,000, above which the price could begin another significant rise. The next stop for the bulls could possibly be $50,400. A clear break above the $50,400 resistance level could lead the price to move towards the $51,200 resistance level. The next resistance could be near the $52,000 level.

Another drop in BTC?

If Bitcoin fails to rise above the $50,000 resistance zone, another downward correction could begin. Immediate support for the downside is near the $49,200 level.

The first major support level is $48,800, which is the trend line. The price could gain bearish momentum if it closes below $48,800. If stated, the price may plunge towards the $47,800 support.

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 – $49,000, then $48,750.

Key resistance levels – $50,000, $50,400 and $51,200.

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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