{"id":36123,"date":"2024-02-15T03:52:34","date_gmt":"2024-02-15T07:52:34","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=36123"},"modified":"2024-02-15T03:52:34","modified_gmt":"2024-02-15T07:52:34","slug":"will-bitcoin-bulls-be-able-to-hit-55k-barrier-this-week","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/02\/15\/will-bitcoin-bulls-be-able-to-hit-55k-barrier-this-week\/","title":{"rendered":"Will Bitcoin Bulls Be Able to Hit $55K Barrier This Week?"},"content":{"rendered":"

Bitcoin price extended its increase above the $52,000 resistance. BTC is consolidating gains and might aim for more upsides toward the $55,000 resistance.<\/em><\/p>\n

Bitcoin price remained in a bullish zone above the $51,000 and $51,200 levels.
\nThe price is trading above $51,200 and the 100 hourly Simple moving average.
\nThere are two bullish trend lines forming with support at $51,450 and $49,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move up if it clears the $52,500 resistance zone.<\/p>\n

Bitcoin Price Extends Rally<\/h2>\n

Bitcoin price started a steady increase above the $50,000 resistance zone<\/a>. BTC gained strength above the $50,500 and $51,200 levels. It even spiked above the $52,000 resistance zone.<\/p>\n

A new multi-week high was formed near $52,493 and the price is now consolidating gains. It is holding gains above the 23.6% Fib retracement level of the recent wave from the $48,240 swing low to the $52,493 high. There are also two bullish trend lines forming with support at $51,450 and $49,200 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin is now trading above $51,200 and the 100 hourly Simple moving average<\/a>. Immediate resistance is near the $52,500 level. The next key resistance could be $53,200, above which the price could extend its rally.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The next stop for the bulls may perhaps be $54,400. A clear move above the $54,400 resistance could send the price toward the $55,000 resistance. The next resistance could be near the $56,500 level.<\/p>\n

Downside Correction In BTC?<\/h2>\n

If Bitcoin fails to rise above the $52,500 resistance zone, it could start another downside correction in the near term. Immediate support on the downside is near the $51,500 level and the first trend line.<\/p>\n

The first major support is $50,500 and the 50% Fib retracement level of the recent wave from the $48,240 swing low to the $52,493 high. If there is a close below $50,500, the price could gain bearish momentum. In the stated case, the price could dive toward the $49,200 support and the second trend line.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $51,500, followed by $50,500.<\/p>\n

Major Resistance Levels \u2013 $52,500, $53,200, and $54,400.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price extended its increase above the $52,000 resistance. BTC is consolidating gains and might aim for more upsides toward the $55,000 resistance.<\/em><\/p>\n

Bitcoin price remained in a bullish zone above the $51,000 and $51,200 levels.
\nThe price is trading above $51,200 and the 100 hourly Simple moving average.
\nThere are two bullish trend lines forming with support at $51,450 and $49,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could continue to move up if it clears the $52,500 resistance zone.<\/p>\n

Bitcoin Price Extends Rally<\/h2>\n

Bitcoin price started a steady increase above the $50,000 resistance zone<\/a>. BTC gained strength above the $50,500 and $51,200 levels. It even spiked above the $52,000 resistance zone.<\/p>\n

A new multi-week high was formed near $52,493 and the price is now consolidating gains. It is holding gains above the 23.6% Fib retracement level of the recent wave from the $48,240 swing low to the $52,493 high. There are also two bullish trend lines forming with support at $51,450 and $49,200 on the hourly chart of the BTC\/USD pair.<\/p>\n

Bitcoin is now trading above $51,200 and the 100 hourly Simple moving average<\/a>. Immediate resistance is near the $52,500 level. The next key resistance could be $53,200, above which the price could extend its rally.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The next stop for the bulls may perhaps be $54,400. A clear move above the $54,400 resistance could send the price toward the $55,000 resistance. The next resistance could be near the $56,500 level.<\/p>\n

Downside Correction In BTC?<\/h2>\n

If Bitcoin fails to rise above the $52,500 resistance zone, it could start another downside correction in the near term. Immediate support on the downside is near the $51,500 level and the first trend line.<\/p>\n

The first major support is $50,500 and the 50% Fib retracement level of the recent wave from the $48,240 swing low to the $52,493 high. If there is a close below $50,500, the price could gain bearish momentum. In the stated case, the price could dive toward the $49,200 support and the second trend line.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $51,500, followed by $50,500.<\/p>\n

Major Resistance Levels \u2013 $52,500, $53,200, and $54,400.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-36123","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36123","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=36123"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36123\/revisions"}],"predecessor-version":[{"id":36130,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36123\/revisions\/36130"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=36123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=36123"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=36123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}