- 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
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.
Recommended Content
Editors’ Picks
Lido TVL pares recent gains as ETH, MATIC, SOL price rally wanes
Lido Finance Total Value Locked (TVL), the value of all crypto assets held in the protocol, reached $15.37 billion in the week to October 2, the highest level since August.
ETH staking could gain short-term preference over bonds despite record yields
Ethereum staking has seen a surge in the last seven days. Treasury bill yields are currently outperforming at the highest level since 2007.
Yield Protocol announces closure amid weak demand and regulatory challenges
DeFi platform Yield Protocol has announced its closure, citing weak demand for fixed-rate borrowing. The news comes against the backdrop of mounting regulatory pressure from global watchdogs.
Ripple victory over SEC reaffirmed as Judge Torres denies regulator’s motion to appeal
Ripple Labs victory over the US Securities and Exchange Commission (SEC) around mid-July has been reaffirmed after a federal judge rejected the commission’s motion to file an interlocutory appeal.
Bitcoin: BTC recovery rally could be bull trap in disguise, here’s why
Bitcoin (BTC) price remains unfazed even after the multiple spot BTC ETF delays from the US Securities & Exchange Commission (SEC). But investors need to be careful with the ongoing BTC rally as it could be a trap for early bulls.