Bitcoin Price Analysis: BTC Back Above $50K As Market Recovery Begins
Bitcoin (BTC) continues its Monday recovery that has seen BTC/USD regain the crucial support above $50,000. Bitcoin price was continuously rejected by the $52,000 resistance level of December 07 as the big crypto gained carrying the crypto market with it.
Bitcoin Price Is Still Bullish
A look at the BTC/USD 1-hour candle chart below shows that Bitcoin was fiercely rejected by the $52,000 psychological level on Tuesday.
BTC/USD One-Hour Chart
At the time of writing, Bitcoin price seems to have retreated under this pressure towards the $50,000 level. BTC price teeters around $50,600 as the support from the wider market aims at pushing the price of the largest cryptocurrency by market capitalisation to retest the $53,600 resistance.
“Bitcoin rejecting at $51.6K. That’s an important level, just like $53.5K–55.5K is,” Tweeted Cointelegraph contributor Michaël van de Poppe.
“The trend still up since the recent crash, through which $49.6K is an area that I’d like to see hold if we want to retest the $53.5–55.5K zone.”
Hence, a daily closure above the $51,600 level could bolster the bulls wo might push the BTC price to tag cross above the $52,000 psychological to tag December 03 close around $53,600. This would represent an approximately 6% upswing from the current price.
The upsloping Relative Strength Index (RSI) validates BTC’s bullish narrative
BTC/USD Daily Chart
However, nerves are still intense among crypto traders coupled with claims that current gains could be temporary and that the dip is yet to come.
No wonder the over 1% dip in Bitcoin price of the last 24 hours suggests that the bears are not done with pulling the price lower.
Therefore, if BTC/USD slips below the $50,000 level, it could trigger massive sell orders that are likely to take the price deeper. However, the big crypto might find support at the 200-day Simple Moving Average (SMA) around $46,708.
The movement of the MACD below the zero line in the negative region accentuates this pessimistic outlook.
- Experts Says ‘Way, Way Higher’ Ahead As ASTER Token Shoots 30% Above $2
- “Bitcoin Will 10x Gold,” Michael Saylor Says Amid Rising Treasury Adoption
- XRP News: Ripple’s XRPL Boosts Programmability amid BlackRock’s BUIDL Swap Buzz
- CFTC Approves Stablecoins as New Collateral Option in U.S. Derivatives
- Fold Launches Bitcoin Credit Card with Stripe and Visa Partnership
- Ethereum (ETH) Price Faces Pullback Before $10K Surge Amid SEC ETF Approval
- PEPE Coin Price: Analyst Sees Breakout-Retest Pattern- Will It Surge Over 230%?
- Shiba Inu Price Eyes 25% Rally as Outflows Jump and Whales Buy 62B Coins
- XRP Price Rises on mXRP Launch, Recovery Ahead?
- Solana Price Prediction: $836M Whale Transfer Spark Fear of $200 Retest Before 62% Rebound
- Bitcoin Price Prediction: $150K in Q4 as Gold’s ATH Momentum Sets the Tone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
