Bitcoin Price Rising Like a Rocket: Can It Reach $55,000? Be careful!

Bitcoin price remains above the $52,000 resistance! BTC may be consolidating upside and aiming for more upside towards the $55,000 resistance.

Bitcoin price is showing positive signs below the $52,800 resistance zone. BTC price is trading above the $51,300 support level and the 100 hourly Simple Moving Average. There is a bullish trend line forming with support at $51,300 on the hourly chart of the BTC/USDT pair. BTC could continue to rise if it clears the $52,800 resistance zone.

Bitcoin Price Aims for Further Increase!

Bitcoin price is now trading above $51,300 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $51,300 on the hourly chart of the BTC/USDT pair.

Hourly BTCUSDT Chart. Source: TradingView

The immediate resistance in Bitcoin price is at $52,500. The next key resistance is $52,800, above which it could extend the price rally. The next stop for the bulls is $53,200. A clear move above the $53,200 resistance could send the price towards the $54,000 resistance. Then, the next resistance is near the $55,000 level.

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Are Drops in Bitcoin Price Supported?

If Bitcoin fails to climb above the $52,800 resistance zone, it could see another near-term downside correction. An initial support on the downside is near the $51,300 level and the trend line.

The first major support is $50,200. If there is a close below $50,200, the price could gain bearish momentum. In the mentioned case, the price could decline towards the $48,500 support zone.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $51,300, then $50,200.

Major Resistance Levels – $52,500, $52,800 and $54,000.Follow me so you don't miss crypto opportunities, analysis and signals.@İbrahim COŞAR (BİTCOŞAR) ️

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