Bitcoin Price Analysis: BTC bulls pierce immediate hurdle to $52,650
- BTC/USD picks up bids after crossing near-term SMA, two-week-old falling trend line.
- Strong RSI backs the breakout, MACD also recedes bearish bias.
- Highs marked from February 17 test intraday buyers.
Bitcoin bulls justify Sunday’s break of 21-day SMA and a falling resistance line, now support, from February 21 while taking the bids near $51,150 during early Monday.
Given the easing bearish MACD and strong RSI backing the upside break of the previous key resistance, BTC/USD is ready to probe highs marked since February 17 around $52,650.
However, the cryptocurrency pair needs to cross the $56,000 hurdle during its run-up past-$52,650 to challenge the all-time high of $58,355.
Meanwhile, pullback moves may gain attention if manage to drag the quote below the 21-day SMA level of $50,170. Also, the BTC/USD sellers will need validation for further downside from the $50,000 threshold.
Following that, an ascending trend line from January 27, currently around $46,050, will be in the spotlight.
Overall, bitcoin bulls are back and can keep the reins until witnessing a daily closing below $46,050.
BTC/USD daily chart
Trend: Bullish
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
