Bitcoin price extended its increase above the $52,000 resistance. BTC is consolidating gains and might aim for more upsides toward the $55,000 resistance.
- Bitcoin price remained in a bullish zone above the $51,000 and $51,200 levels.
- The price is trading above $51,200 and the 100 hourly Simple moving average.
- There are two bullish trend lines forming with support at $51,450 and $49,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move up if it clears the $52,500 resistance zone.
Bitcoin Price Extends Rally
Bitcoin price started a steady increase above the $50,000 resistance zone. BTC gained strength above the $50,500 and $51,200 levels. It even spiked above the $52,000 resistance zone.
A new multi-week high was formed near $52,493 and the price is now consolidating gains. It is holding gains above the 23.6% Fib retracement level of the recent wave from the $48,240 swing low to the $52,493 high. There are also two bullish trend lines forming with support at $51,450 and $49,200 on the hourly chart of the BTC/USD pair.Bitcoin is now trading above $51,200 and the 100 hourly Simple moving average. Immediate resistance is near the $52,500 level. The next key resistance could be $53,200, above which the price could extend its rally.
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