TA: Bitcoin Reclaims $50K, Why Rally Isn’t Over Yet

Bitcoin started a fresh increase above the $50,000 resistance against the US Dollar. BTC is showing positive signs and there could be more gains towards $52,000. Bitcoin gained pace after it broke the $49,500 resistance zone. The price is trading well above $50,000 and the 100 hourly simple moving average. There was a break a key declining channel with resistance near $48,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct lower, but dips might be limited below the $50,000 zone. Bitcoin Price Gains Momentum Bitcoin price formed a base and started a fresh increase above the $48,000 level. BTC gained pace for a move above the $48,200 level and the 100 hourly simple moving average. Besides, there was a break a key declining channel with resistance near $48,800 on the hourly chart of the BTC/USD pair. The pair rallied above the $50,000 resistance zone to move into a positive zone. The bulls were able to push the price above the $50,000 level. Bitcoin traded as high as $51,500 and currently consolidating gains. It is well above the 23.6% Fib retracement level of the recent increase from the $48,105 swing low to $51,500 high. It is also trading well above $50,000 and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com An immediate resistance on the upside is near the $51,500 level. The next key resistance could be $52,000. A clear move above the $52,000 resistance zone coul...