{"id":112767,"date":"2021-02-14T06:32:14","date_gmt":"2021-02-14T06:32:14","guid":{"rendered":"https:\/\/precoinnews.com\/?p=112767"},"modified":"2021-02-14T06:32:14","modified_gmt":"2021-02-14T06:32:14","slug":"why-bitcoin-price-could-rally-to-new-ath-above-50k","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/why-bitcoin-price-could-rally-to-new-ath-above-50k\/","title":{"rendered":"Why Bitcoin Price Could Rally To New ATH Above $50K"},"content":{"rendered":"<p><em>Bitcoin price remained in a bullish zone above the $45,000 support against the US Dollar. BTC is eyeing a fresh rally above the $48,000 and $50,000 resistance levels in the near term.<\/em><\/p>\n<ul>\n<li>Bitcoin climbed above the $48,000 resistance, but it struggled to continue higher towards $50,000.<\/li>\n<li>The price is trading nicely above the $45,000 level and the 100 simple moving average (4-hours).<\/li>\n<li>There is a major bullish trend line forming with support near $46,000 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could start a strong rally if it manages to clear the $48,000 and $48,500 resistance levels.<\/li>\n<\/ul>\n<h2>Bitcoin Price is Eyeing More Upsides<\/h2>\n<p>This past week, bitcoin price made an attempt to test the $50,000 level against the US Dollar. The BTC\/USD pair broke the $48,000 resistance, but there was a lack in momentum.<\/p>\n<p>A new all-time high was formed near $48,700 before the price started a downside correction. There was a break below the $47,000 support. The price traded below the 23.6% Fib retracement level of the upward move from the $43,773 swing low to $48,700 high.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/02\/Bitcoin-11.png\"><\/p>\n<p>Source: BTCUSD on TradingView.com<\/p>\n<p>Bitcoin price is now trading nicely above the $45,000 level and the 100 simple moving average (4-hours). On the downside, there is a decent support forming near the $46,000 level.<\/p>\n<p>There is also a major bullish trend line forming with support near $46,000 on the 4-hours chart of the BTC\/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $43,773 swing low to $48,700 high.<\/p>\n<p>On the upside, the $48,000 and $48,500 levels are important hurdles. A clear break above the $48,000 level is likely to increase the chances of a surge above the $50,000 level in the coming sessions.<\/p>\n<h2>Dips Supported in BTC?<\/h2>\n<p>If bitcoin struggles to clear the $48,000 resistance level, there are chances of a downside correction. The first major support is near the trend line and $46,000.<\/p>\n<p>The next major support is near the $45,000 level. If there is a clear break and close below the $45,000 support, the price could decline 5%-10%. The next major support on the downside is near the $41,000 level.<\/p>\n<p>Technical indicators<\/p>\n<p>4 hours MACD &ndash; The MACD for BTC\/USD is likely to gain strength in the bullish zone.<\/p>\n<p>4 hours RSI (Relative Strength Index) &ndash; The RSI for BTC\/USD is still above the 50 level.<\/p>\n<p>Major Support Level &ndash; $46,000<\/p>\n<p>Major Resistance Level &ndash; $48,000<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-could-rally-50k\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price remained in a bullish zone<\/p>\n","protected":false},"author":3,"featured_media":112766,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why Bitcoin Price Could Rally To New ATH Above $50K - 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