TA: Bitcoin Breaks $50K, Why BTC Could Continue To Gain Momentum

Bitcoin price started a steady increase and it surpassed $50,000 against the US Dollar. BTC is likely to remain well bid and it might even clear $50,300 Bitcoin started a decent increase above the $48,000 and $48,500 resistance levels. The price is now trading above $48,000 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $49,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate further higher if it clears the $50,500 resistance zone in the near term. Bitcoin Price Gains Strength Bitcoin price remained well bid above the $46,000 support zone. BTC formed a base above $46,000 and it started a fresh increase. There was a clear break above the $48,000 resistance zone and the 100 hourly simple moving average. The bulls gained strength and were able to push the price above the main $50,000 resistance. It traded as high as $50,300 and it is now consolidating gains. An immediate support is near the $49,750. It is close to the 23.6% Fib retracement level of the recent increase from the $48,033 swing low to $50,306 high. Bitcoin price is now trading well above $48,000 and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com There is also a major bullish trend line forming with support near $49,200 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $50,300 level. The first key resista...