Bitcoin Returns To Key Resistance At $ 50,000

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Bitcoin tries to settle above August highs

Bitcoin is currently trying to move above the key resistance level at $ 50,000, while other cryptocurrencies are moving higher as well.

Ethereum continues its rally and tries to pass the test of the $ 3,800 level. Dogecoin is trying to settle above $ 0.30 while XRP is testing resistance at $ 1.25.

The mood in the crypto market is bullish, which is not surprising as the world’s leading cryptocurrency has managed to return to recent highs.

This is a very important time for Bitcoin bulls as Bitcoin needs to move above the $ 50,000 level to continue its uptrend. Bitcoin has already made a serious attempt to settle above this level in August, but has failed to develop sufficient bullish momentum.

In the event that Bitcoin fails to break above $ 50,000, it could come under material pressure as some traders would rather take profits near highs while others decide to bet against Bitcoin.

Bitcoin has managed to break through the resistance at $ 48,000 and is trying to settle above the next resistance level which is located at $ 50,000. The RSI remains in moderate territory, and there is plenty of room to gain additional bullish momentum in case the right catalysts emerge.

If Bitcoin moves above $ 50,000, it will head to the next resistance at $ 51,500. A move above this level will pave the way for the stress test which stands at $ 53,000. If Bitcoin manages to move above the resistance at $ 53,000, it will move to the next resistance level at $ 55,000. It should be noted that Bitcoin will likely develop a strong bullish momentum if it manages to establish itself above $ 50,000, so it can quickly move from one level to another.

On the support side, the previous resistance at $ 48,000 will serve as the first level of support for Bitcoin. If Bitcoin drops back below this level, it will head towards support at $ 47,000. A move below this level will pave the way for testing the support at $ 46,000. In the event that Bitcoin drops below $ 46,000, it is heading towards support at the 50 EMA near $ 44,000.

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