• BTC/USD picks up bids above $49,000 in a move to defy pullback from record top.
  • Bullish momentum, RSI join sustained trading beyond key trend line convergence to back the upside moves.
  • 200-bar SMA adds to the downside filter, weekly support line restricts immediate declines.

BTC/USD regains above $49,000, currently near $49,320, while extending the late Tuesday’s recovery moves from the mid-$47,000s. In doing so, the crypto major eyes the record top, flashed the previous day, as earlier pullback couldn’t conquer the key support.

Also favoring the bitcoin buyers could be the strong RSI and Momentum (MOM) indicators suggesting the continuation of the uptrend.

As a result, BTC/USD bulls are currently directed towards breaking an ascending resistance line from February 09, at $50,260 now, before challenging the all-time peak around $50,600.

During the quote’s sustained run-up past-$50,600, chatters surrounding the cryptocurrency pair’s rally towards the $100,000 psychological magnet will gain momentum.

Alternatively, an upward sloping trend line from Monday, currently around $47,950, offers immediate support to the quote ahead of highlighting the confluence of a previous resistance line from January 29 and a three-week-old support line near $43,900.

It should also be noted that the 200-bar SMA level of $38,100 offers extra support during the BTC/USD downside below the stated key level for bears.

BTC/USD four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price 49171.91
Today Daily Change 0.00
Today Daily Change % 0.00%
Today daily open 49171.91
 
Trends
Daily SMA20 41079.81
Daily SMA50 36983.97
Daily SMA100 28287.17
Daily SMA200 19974.97
 
Levels
Previous Daily High 50614.01
Previous Daily Low 47059.22
Previous Weekly High 48932.32
Previous Weekly Low 37390.41
Previous Monthly High 41987.21
Previous Monthly Low 27772
Daily Fibonacci 38.2% 49256.08
Daily Fibonacci 61.8% 48417.15
Daily Pivot Point S1 47282.75
Daily Pivot Point S2 45393.6
Daily Pivot Point S3 43727.97
Daily Pivot Point R1 50837.54
Daily Pivot Point R2 52503.16
Daily Pivot Point R3 54392.32

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: This support level can define BTC’s fate

Bitcoin Weekly Forecast: This support level can define BTC’s fate

Bitcoin price has finished the first half of 2022 and things are not looking good. With record negative returns, BTC is likely to continue heading lower, especially if one particular support level is breached. 

More Bitcoin News

Key price levels to watch out as Ethereum enters Q3 in a negative posture

Key price levels to watch out as Ethereum enters Q3 in a negative posture

Ethereum (ETH) price has been clawing back losses at the start of the trading day, but attempts have been cut short quite quickly after Europe opened, and saw equities dragged to the downside. 

More Ethereum News

XRP price primed for a big move as Ripple expands to New Zealand

XRP price primed for a big move as Ripple expands to New Zealand

Airwallex, a leading financial services platform, expanded its payment services to New Zealand. The fintech firm joined RippleNet in 2017 and offers services to businesses as a substitute for conventional banks. 

More Ripple News

DeFi traders must consider these resistance levels before trading Compound’s COMP price

DeFi traders must consider these resistance levels before trading Compound’s COMP price

COMP price is consolidating in a tight range, trying to establish a directional bias after a quick recovery rally. Depending on which camp wins, COMP is likely to head in that direction. However, judging by the market structure, a pullback seems likely. 

More Compound News

Bitcoin: This support level can define BTC’s fate

Bitcoin: This support level can define BTC’s fate

Bitcoin price ended Q2 with a -56% return, which is the first in its 11-year history. On-chain metrics hint at bottom formation but technicals reveal more room to the downside. Bitcoin price has finished the first half of 2022 and things are not looking good. With record negative returns, BTC is likely to continue heading lower, especially if one particular support level is breached. 

Read full analysis

BTC

ETH

XRP