TA: Bitcoin Rallies, Why BTC Could Register A Close Above $50K

Bitcoin price started a steady increase above the $48,000 resistance zone against the US Dollar. BTC is now trading above $49,500 and it could accelerate above $50,000. Bitcoin started a fresh increase above the $48,500 and $49,000 resistance levels. The price is now trading well above $49,000 and the 100 hourly simple moving average. There was a break above a crucial bearish trend line with resistance near $47,750 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate further higher once there is a close above the $50,000 zone. Bitcoin Price Breaks Key Barrier Bitcoin price formed a base above the $46,500 zone and started a steady increase. BTC was able to clear the $48,500 resistance zone to move into a positive zone. Besides, there was a break above a crucial bearish trend line with resistance near $47,750 on the hourly chart of the BTC/USD pair. The pair gained pace above the 61.8% Fib retracement level of the key decline from the $49,678 swing high to $46,533 low. Bitcoin is now trading well above $49,000 and the 100 hourly simple moving average. It is consolidating near the $49,800 resistance zone. On the downside, an initial support is forming near the $49,650 level. Source: BTCUSD on TradingView.com The first key support is forming near the $49,500 level. If there is a downside break below the $49,500 support zone, the price might decline towards $48,800. The next major support is ne...