Bitcoin (BTC) broke past several key areas of resistance in the past 24 hours while quickly climbing from a low of $48,250 to a high of $51,527.62 while flashing positive signs that there could be more gains ahead.
Bitcoin’s valuation formed a base at the $48k level and quickly started to chain together gains, racing past the $48,200 and $48,800 resistance levels and the 100 hour simple moving average. The bulls continued to win the day as the pricing momentum attached to BTC pushed the king of crypto past the $50k mark as gains continued to consolidate.
The next hurdle for BTC will be to maintain a valuation above the $51,500 resistance level. If that can be achieved, investors will be watching to see if Bitcoin could overcome resistance found at the $52,000 level. A strong move above the $52,000 resistance zone could indicate a new run to higher levels with the next major stop for the bulls near the $53,200 level.
Conversely, if bitcoin fails to clear the $51,500 resistance zone, it could indicate a downside correction with support found near the $50k range which is near the 50% Fib retracement level of the recent increase from the low of $48,105 to the high of $51,500. Any downside break below $50,000 would pause the bulls and increase selling pressure resulting in a drop back to the $48,000 range.
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