Bitcoin climbs back into the bullish zone past $5,200: All eyes set on $5,500

  • BTC/USD reclaims the support above the range resistance.
  • Bitcoin increases gains above $5,250 amid a broad-based market recovery.

Bitcoin bulls have finally come out slumber. The asset has been lagging a breakout from the ranging channel resistance we explored earlier today. Ripple championed its own path triggering a broad-based bullish wave across the market. XRP/USD not only sustained momentum above the pivotal $0.3000, it traded above $0.3200 hurdle.

Meanwhile, Bitcoin has corrected above the 50 Simple Moving Average (SMA) 1-hour and the 100 SMA 1-hour marginally above $5,150. A move that has opened the door for correction past $5,200. Besides, reclaiming the support at this level and trading above the range resistance, Bitcoin has increased its gains above $5,250.

Looking at the Relative Strength Index (RSI) at 70.00, Bitcoin is likely to test $5,300 in the short-term. The bullish momentum is also emphasized by the Moving Average Convergence Divergence (MACD) which is in an upwards direction at 19.19. The brief recovery has once again place Bitcoin in a bullish zone between $5,200 and $5,280. Consolidation is this range is likely to birth another bullish move that could touch $5,500 and correct past the 2019 high around $5,632.

BTC/USD 1-hour chart

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