Rally

Bitcoin

Resistance

Bitcoin price extended its increase above the $52,000 resistance. BTC is consolidating gains and might aim for more upsides toward the $55,000 resistance. 
<ul> 
 <li>Bitcoin price remained in a bullish zone above the $51,000 and $51,200 levels.</li> 
 <li>The price is trading above $51,200 and the 100 hourly Simple moving average.</li> 
 <li>There are two bullish trend lines forming with support at $51,450 and $49,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could continue to move up if it clears the $52,500 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-extends-rally">Bitcoin Price Extends Rally</h2> 
Bitcoin price started a steady increase above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-holds-support-48250/" target="_blank" rel="noopener ">$50,000 resistance zone</a>. BTC gained strength above the $50,500 and $51,200 levels. It even spiked above the $52,000 resistance zone. 
A new multi-week high was formed near $52,493 and the price is now consolidating gains. It is holding gains above the 23.6% Fib retracement level of the recent wave from the $48,240 swing low to the $52,493 high. There are also two bullish trend lines forming with support at $51,450 and $49,200 on the hourly chart of the BTC/USD pair. 
Bitcoin is now trading above $51,200 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-revisits-50k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Immediate resistance is near the $52,500 level. The next key resistance could be $53,200, above which the price could extend its rally. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_7c64e4.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-575165" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_7c64e4.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_7c64e4.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_7c64e4.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_7c64e4.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_7c64e4.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_7c64e4.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_7c64e4.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_7c64e4.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">BTCUSD on TradingView.com</a> 
The next stop for the bulls may perhaps be $54,400. A clear move above the $54,400 resistance could send the price toward the $55,000 resistance. The next resistance could be near the $56,500 level. 
<h2 id="downside-correction-in-btc">Downside Correction In BTC?</h2> 
If Bitcoin fails to rise above the $52,500 resistance zone, it could start another downside correction in the near term. Immediate support on the downside is near the $51,500 level and the first trend line. 
The first major support is $50,500 and the 50% Fib retracement level of the recent wave from the $48,240 swing low to the $52,493 high. If there is a close below $50,500, the price could gain bearish momentum. In the stated case, the price could dive toward the $49,200 support and the second trend line. 
Technical indicators: 
Hourly MACD – The MACD is now gaining pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. 
Major Support Levels – $51,500, followed by $50,500. 
Major Resistance Levels – $52,500, $53,200, and $54,400.

Will Bitcoin Bulls Be Able to Hit $55K Barrier This Week?

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