BitcoinLong
Bitcoin Powers Through $50k; Weekly Resistance Next?
The price of Bitcoin has been on a tear against the US dollar recently. Week to date, BTC/USD has advanced nearly +9.0%, following last week’s +10.7% rally!
$50,000 Cleared
We did see the unit briefly make a pitstop at the underside of the $50,000 level on Tuesday, though sellers were reluctant to commit and concluded the day considerably off worst levels. With offers now all but cleared from the aforementioned big figure, resistance on the weekly timeframe at $51,952 is within a stone’s throw away from being welcomed into the fray.
Uptrend Favours Further Buying
In view of the clear uptrend since bottoming in late 2022, buyers could continue to push things higher and overthrow $51,952. This would clear the path for further outperformance, potentially welcoming breakout buyers, targeting daily resistance coming in at $55,458, closely shadowed by another layer of resistance on the weekly chart at $56,796.
$50,000 Cleared
We did see the unit briefly make a pitstop at the underside of the $50,000 level on Tuesday, though sellers were reluctant to commit and concluded the day considerably off worst levels. With offers now all but cleared from the aforementioned big figure, resistance on the weekly timeframe at $51,952 is within a stone’s throw away from being welcomed into the fray.
Uptrend Favours Further Buying
In view of the clear uptrend since bottoming in late 2022, buyers could continue to push things higher and overthrow $51,952. This would clear the path for further outperformance, potentially welcoming breakout buyers, targeting daily resistance coming in at $55,458, closely shadowed by another layer of resistance on the weekly chart at $56,796.
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