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Bitcoin Rises to $50K, Next Resistance Around $52K-$55K
A decisive breakout above $50,000 could yield further upside toward the all-time high near $60,000, unless buyers start taking profits.
Updated May 11, 2023, 5:12 p.m. Published Oct 5, 2021, 8:06 p.m.
Bitcoin is trading around $50,000 for the first time since early September as short-term momentum improves. The cryptocurrency has broken above a series of lower price highs last month and indicators suggest continued upside, initially toward the $52,000-$55,000 resistance range. (Resistance is the price at which the price of an asset meets pressure on its way up by the emergence of a growing number of sellers who wish to sell at that price.)
The sell-off last month was limited to the 100-day moving average around $40,000, which is also where a breakout occurred on Aug. 6. Buyers gathered strength as the price consolidated for several days, which preceded a fresh breakout above $46,000 last week.
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- The relative strength index (RSI) on the daily chart is not yet overbought, suggesting short-term buyers could remain active toward upper resistance levels.
- A decisive breakout above $50,000 could yield further upside toward the all-time high near $60,000, although buyers could start to take profits ahead of that level, given the slowing momentum seen on the weekly chart.
- For now, the intermediate-term trend is improving, with limited corrections and rising support levels.
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