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Wednesday, February 21, 2024

Bitcoin Value Revisits $50Ok, Why BTC May Begin A Brief-Time period Correction


Bitcoin value prolonged its rally above the $48,800 resistance. BTC examined $50,000 and is presently exhibiting indicators of a draw back correction.

  • Bitcoin value climbed larger above the $48,500 and $48,800 resistance ranges.
  • The worth is buying and selling above $48,800 and the 100 hourly Easy shifting common.
  • There’s a short-term rising channel forming with help at $49,750 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may begin a draw back correction under the $49,750 and $49,500 ranges.

Bitcoin Value Jumps 5%

Bitcoin value remained in a optimistic zone above the $48,000 resistance zone. BTC prolonged its rally and climbed above the $48,800 resistance zone. Lastly, the worth jumped above the $50,000 stage.

A brand new multi-week excessive was fashioned close to $50,339 and the worth is now consolidating positive aspects. There was a minor decline under the $50,000 stage. The worth continues to be above the 23.6% Fib retracement stage of the latest rally from the $47,642 swing low to the $50,339 excessive.

Bitcoin value is now buying and selling above $48,800 and the 100 hourly Easy shifting common. There may be additionally a short-term rising channel forming with help at $49,750 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Supply: BTCUSD on TradingView.com

Instant resistance is close to the $50,250 stage. The following key resistance might be $50,400, above which the worth may begin one other first rate enhance. The following cease for the bulls might maybe be $51,200. A transparent transfer above the $51,200 resistance may ship the worth towards the $52,000 resistance. The following resistance might be close to the $53,000 stage.

Draw back Correction In BTC?

If Bitcoin fails to rise above the $50,250 resistance zone, it may begin a draw back correction. Instant help on the draw back is close to the $49,750 stage or the channel pattern line.

The primary main help is $49,000 and the 50% Fib retracement stage of the latest rally from the $47,642 swing low to the $50,339 excessive. If there’s a shut under $49,000, the worth may achieve bearish momentum. Within the said case, the worth may dive towards the $47,650 help.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bullish zone.

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

Main Help Ranges – $49,750, adopted by $49,000.

Main Resistance Ranges – $50,250, $50,400, and $51,200.

Disclaimer: The article is offered for instructional functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your individual analysis earlier than making any funding selections. Use data offered on this web site solely at your individual danger.

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