Bitcoin Stabilizes Above $52,000 And Continues Its Strong Rise

Feb 19, 2024 at 09:23 // Price
Coin Idol

Bitcoin (BTC) has stabilized above the psychological $50,000 mark. Bitcoin price analysis by

Long-term forecast for the Bitcoin price: bullish

The current uptrend is encountering resistance near the $53,000 high. The price of the cryptocurrency is oscillating below its recent high in anticipation of further upward movement. Bitcoin price reached $52,298. 

Now, if the support level of $52,000 holds, the uptrend of the largest cryptocurrency will resume. A price rise above the existing support will break through the resistance at $53,000. The positive momentum will continue up to the high of $60,000. 

Nevertheless, the cryptocurrency traded in a price range of $50,000 to $53,000. The price movement was slowed down by the appearance of doji candlesticks. Bitcoin risks a decline if the $50,000 support is broken. Bitcoin will first fall above the 21-day SMA or above the $47,000 low.

Bitcoin indicator reading

Bitcoin price bars have continued to rise above the moving average lines. Currently, the rising trend has paused below the $53,000 level. The trend will stop when the price bars fall below the moving average lines. In the meantime, Bitcoin is trading slightly below its recent high.

Technical indicators:

Key resistance levels – $55,000 and $60,000

Key support levels – $45,000 and $40,000

BTCUSD (4-hour Chart) –FEB.19.jpg

What is the next direction for BTC/USD?

On the 4-hour chart, Bitcoin is trading sideways between $50,000 and $53,000. The bullish rally has ended and Bitcoin has resumed a range-bound move in anticipation of a trend. The cryptocurrency value is stabilizing above the $52,000 support but below the $53,000 resistance level. Cryptocurrencies will trend when the support and resistance levels are breached.

BTCUSD (Daily Chart) –FEB.19.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Readers should do their research before investing in funds.

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