Bitcoin Attempts To Settle Above August Highs
Bitcoin is currently trying to settle above the key resistance level at $50,000 while other cryptocurrencies are also moving higher.
The crypto market mood is bullish which is not surprising as the world’s leading cryptocurrency managed to get back to recent highs.
This is a very important moment for Bitcoin bulls as Bitcoin needs to settle above the $50,000 level to continue its upside move. Bitcoin has already made one serious attempt to settle above this level back in August but failed to develop sufficient upside momentum.
In case Bitcoin fails to settle above $50,000, it may find itself under material pressure as some traders would prefer to take profits near highs while others would decide to bet against Bitcoin.
Bitcoin managed to get above the resistance at $48,000 and is trying to settle above the next resistance level which is located at $50,000. RSI remains in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.
In case Bitcoin settles above $50,000, it will head towards the next resistance at $51,500. A move above this level will open the way to the test of the resistance which is located at $53,000. If Bitcoin manages to settle above the resistance at $53,000, it will move towards the next resistance level at $55,000. It should be noted that Bitcoin will likely develop strong upside momentum if it manages to settle above $50,000, so it may quickly move between levels.
On the support side, the previous resistance at $48,000 will serve as the first support level for Bitcoin. If Bitcoin moves back below this level, it will head towards the support at $47,000. A move below this level will open the way to the test of the support at $46,000. In case Bitcoin declines below $46,000, it will head towards the support at the 50 EMA near $44,000.
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