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Monday, March 4, 2024

Bitcoin Worth Revisits $50K, Why BTC Might Begin A Brief-Time period Correction


Bitcoin value prolonged its rally above the $48,800 resistance. BTC examined $50,000 and is at present exhibiting indicators of a draw back correction.

  • Bitcoin value climbed larger above the $48,500 and $48,800 resistance ranges.
  • The worth is buying and selling above $48,800 and the 100 hourly Easy shifting common.
  • There’s a short-term rising channel forming with help at $49,750 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may begin a draw back correction under the $49,750 and $49,500 ranges.

Bitcoin Worth Jumps 5%

Bitcoin value remained in a constructive zone above the $48,000 resistance zone. BTC prolonged its rally and climbed above the $48,800 resistance zone. Lastly, the worth jumped above the $50,000 stage.

A brand new multi-week excessive was fashioned close to $50,339 and the worth is now consolidating features. There was a minor decline under the $50,000 stage. The worth remains to be above the 23.6% Fib retracement stage of the latest rally from the $47,642 swing low to the $50,339 excessive.

Bitcoin value is now buying and selling above $48,800 and the 100 hourly Easy shifting common. There may be additionally a short-term rising channel forming with help at $49,750 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Supply: BTCUSD on TradingView.com

Instant resistance is close to the $50,250 stage. The following key resistance could possibly be $50,400, above which the worth may begin one other respectable improve. The following cease for the bulls could maybe be $51,200. A transparent transfer above the $51,200 resistance may ship the worth towards the $52,000 resistance. The following resistance could possibly be close to the $53,000 stage.

Draw back Correction In BTC?

If Bitcoin fails to rise above the $50,250 resistance zone, it may begin a draw back correction. Instant help on the draw back is close to the $49,750 stage or the channel development line.

The primary main help is $49,000 and the 50% Fib retracement stage of the latest rally from the $47,642 swing low to the $50,339 excessive. If there’s a shut under $49,000, the worth may achieve bearish momentum. Within the said case, the worth may dive towards the $47,650 help.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bullish zone.

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

Main Assist Ranges – $49,750, adopted by $49,000.

Main Resistance Ranges – $50,250, $50,400, and $51,200.

Disclaimer: The article is supplied for academic functions solely. It doesn’t signify the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your individual analysis earlier than making any funding choices. Use info supplied on this web site completely at your individual danger.

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