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BTC Price Analysis: Buyers Weigh Up BTC/USD Price Beyond $52,000 As Stimulus Bill Sparks USD Bears

BTC/USD

The cryptocurrency market is generally calm, primary because Bitcoin (BTC) is taking its break above $50,000 surprisingly while charting a recovery path after stepping above several key levels. Bitcoin (BTC) has recovered considerably and consistently from the Feb. 28 dip of around $43,000. Early in the European session, BTC/USD bulls regain forward speed past Key $50,000 after settling above the $48,000 psychological zone. The recent price activity is prompting buyers to weigh up BTC/USD price beyond the $52,000. The BTC market cap currently stands at $958.04 billion, with $51.36 billion traded in the past 24 hours. At the time of writing, BTC is trading at $51,600 amid a persistent push by the bulls to hit price levels past $52,000. The influx of liquidity that is supposed to come when Congress passes the anticipated stimulus bill sparks USD bears and drives investors to Bitcoin (BTC). At present, Bitcoin is seeing another uptrend as 2021 bull market history indicates this correction will ultimately precede further exponential upside.

*Bitcoin (BTC) has recovered considerably and consistently from the Feb. 28 dip of around $43,000
*The recent price activity is prompting buyers to weigh up BTC/USD price beyond the $52,000
*The influx of liquidity that is supposed to come when Congress passes the anticipated stimulus bill sparks USD bears and drives investors to Bitcoin (BTC)

Key Levels
Resistance Levels: $58,367, $55,000, $52,000
Support Levels: $48,000, $45,000, $43,000

BTC/USD Daily Chart: Bullish

BTC/USD Daily Chart

BTC/USD has set out north after bouncing from the ascending trendline support at $43,016 and now holding well above the MA 50 zone. The BTC/USD started an upside correction while surging to a $51,820 level. The most significant resistance is the $50,000 psychological zone and if the breach is sustained, a further liftoff to the multi-year high at $58,367 is inevitable.

On the downside, immense support has been established to ensure that Bitcoin does not drop significantly from the prevailing price level. The MA 50 reveals buyers confluence zone around the $43,000 and $45,000 levels. Trading above this congestion zone will be particularly bullish because it will serve as a backstop in any unexpected selloff on the BTC/USD pair.

BTC/USD 4-Hour Chart: Ranging

BTC/USD 4-Hour Chart

In the short time frame, BTC/USD bulls battles for upside domination after emerging stronger from the 4 hour MA 50. This scenario shows that buying pressure is building up and cannot be ignored. The $53,000 to $55,000 zone are possible upside targets in the short-term if bulls can gain traction above the $52,000 level.

The failure to break the $52,000 resistance level could cause the BTC/USD pair to falter back towards the $48,000 support level and liftoff zone. The BTC/USD pair is only bullish while trading above the $48,000 level, key resistance is found at the $52,000 and $55,000 levels. Below the $48,000 level, sellers may test the $45,000 and $43,000 levels.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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