Bitcoin Price Hold Strong At $52K: Indicators Show Signs of More Upsides

Bitcoin price is holding gains above the $52,000 resistance. BTC is consolidating gains and might aim for more upsides toward the $55,000 resistance.

• Bitcoin price is showing positive signs below the $52,800 resistance zone.
• The price is trading above $51,500 and the 100 hourly Simple moving average.
• There is a connecting bullish trend line forming with support at $51,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could continue to move up if it clears the $52,800 resistance zone.

Bitcoin price gained pace above the $51,200 resistance zone. BTC even broke the $52,000 resistance zone. A new multi-week high was formed near $52,843 and the price is now consolidating gains.

There was a minor decline below the $52,000 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $48,240 swing low to the $52,843 high. However, the bulls were active above the $51,200 support zone.

Bitcoin is now trading above $51,500 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $51,500 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

Immediate resistance is near the $52,500 level. The next key resistance could be $52,800, above which the price could extend its rally. The next stop for the bulls may perhaps be $53,200. A clear move above the $53,200 resistance could send the price toward the $54,000 resistance. The next resistance could be near the $55,000 level.

If Bitcoin fails to rise above the $52,800 resistance zone, it could start another downside correction in the near term. Immediate support on the downside is near the $51,500 level and the trend line.

The first major support is $50,550 and the 50% Fib retracement level of the upward move from the $48,240 swing low to the $52,843 high. If there is a close below $50,500, the price could gain bearish momentum. In the stated case, the price could dive toward the $48,500 support zone.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

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

Major Support Levels – $51,500, followed by $50,500.

Major Resistance Levels – $52,500, $52,800, and $54,000.