- Bitcoin price rises to a three-month high at $48,000.
- Settling above the 200-day SMA seems to have braced the bulls for gains above $50,000.
- A conformed break past $50,000 will see bulls quickly shift attention to $60,000.
Bitcoin price made another stride toward $50,000 during the weekend session. The trading last week came to a halt at $47,000, where bears had drawn the line.
A correction followed whereby BTC slipped under support at $45,000, highlighted by the 200-day Simple Moving Average (SMA). However, buyer congestion at $44,000 paved the way for another upswing, culminating at $48,000.
Bitcoin Price Rally Takes A Breather
The support at the 200 SMA remains crucial for the resumption of the uptrend. Meanwhile, the bellwether cryptocurrency trades at $47,415 at the time of writing. Its immediate upside has been capped at $48,000.
Trading above this resistance would potentially bring Bitcoin to $50,000, where bulls will be expected to bring up a fierce fight. Another confirmed break above $50,000 may trigger massive gains as investors speculate the ultimate rise to $60,000.
BTC/USD Daily Chart
According to the Relative Strength Index (RSI), Bitcoin is highly overbought at the moment. In other words, buyers still have room to wriggle and push for another leg up. Hence, the outlook to $60,000.
The Moving Average Convergence Divergence (MACD) still sustains a vivid bullish impulse. As long as the momentum index remains on an upward trajectory, Bitcoin will have an undeniable fight chance toward $60,000.
A comprehensive look at the daily chart brings to light an incoming bullish formation from the moving averages. As the 50-day SMA crosses above the 100-day SMA, the odds for a massive liftoff surge. This formation is not a golden cross, but it signifies a firmer bullish grip that could see Bitcoin make hast above $50,000.
Bitcoin Intraday Levels
Spot rate: $47,500
Support: The 200 SMA and $44,000
Resistance: $48,000 and $50,000