Bitcoin Price Analysis: BTC breaks $50,000, more upside to follow?

Description

TL;DR Breakdown Bitcoin price analysis is bullish today. BTC/USD breaks the $50,000 major resistance. Bitcoin to reach $51,500 next. Bitcoin price analysis indicates bullish momentum to follow today as bulls have finally pushed above the $50,000 mark after a slight retracement overnight. Therefore, we expect BTC/USD to continue advancing today and reach the $51,500 resistance … Read more

TL;DR Breakdown

  • Bitcoin price analysis is bullish today.
  • BTC/USD breaks the $50,000 major resistance.
  • Bitcoin to reach $51,500 next.

Bitcoin price analysis indicates bullish momentum to follow today as bulls have finally pushed above the $50,000 mark after a slight retracement overnight. Therefore, we expect BTC/USD to continue advancing today and reach the $51,500 resistance next.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded with a bullish momentum over the last 24 hours. The market leader, Bitcoin, is up by 2.7 percent and has finally breached the $50,000 mark, while Ethereum is up by 3.21 percent. Binance Coin (BNB) is among the best performers today, with a gain of over 9 percent.

Bitcoin price movement in the last 24 hours: Bitcoin breaks above $50,000

BTC/USD traded in a range of $48,199.94 – $50,482.08, indicating mild volatility over the last 24 hours. Trading volume has increased by 7.81 percent and totals $31.36 billion, while the total market capitalization trades around $944.6 billion.

BTC/USD 4-hour chart: BTC targets the $51,500 mark next?

On the 4-hour chart, we can see the Bitcoin price action moving past the $50,000 significant resistance, which should lead towards further upside later today.

Bitcoin Price Analysis: BTC breaks $50,000, more upside to follow?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen a strong advance over the past month. After a new swing low was set above the $29,500 support, BTC/USD rallied more than 40 percent to the $42,000 resistance.

From there, BTC retraced to $38,000 and rallied another 30 percent to the $48,000 mark. Below the $48,000 resistance, the Bitcoin price consolidated for several weeks, with support found above $44,000.

On Thursday, BTC/USD finally started to rally higher and broke past the $48,000 swing high. After some consolidation over the weekend, the Bitcoin price started to rally once again overnight. 

This price action development has resulted in the $50,000 resistance broken over the past hours. Therefore, we expect BTC to continue higher later today and target the $51,500 mark next.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish as the market rallied from the $48,000 support overnight and finally broke past the $50,000 major resistance. Therefore, we expect BTC/USD to continue moving higher later today and continue its way towards the previous all-time high.

While waiting for Bitcoin to move further, read our articles on Bitcoin Futures, Decentralized Exchanges, as well as NFT Marketplace.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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