TA: Bitcoin Steadies Above $50K, Why Bulls Aim Fresh Monthly High

Bitcoin is holding gains above the $50,000 resistance against the US Dollar. BTC is showing positive signs and there could be more gains above $52,000. Bitcoin settled above the $50,000 resistance zone and dips remained supported. The price is trading well above $50,000 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $50,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is gaining pace and might soon clear the $51,200 resistance zone in the near term. Bitcoin Price Gains Pace Bitcoin price started a minor downside correction from the $51,800 zone. BTC declined below the $51,200 level to move into a short-term bearish zone. There was a break below the 50% Fib retracement level of the upward move increase from the $48,105 swing low to $51,800 high. There was even a spike below the $50,000 level and the 100 hourly simple moving average. However, dips remained limited below $50,000. The price tested the 61.8% Fib retracement level of the upward move increase from the $48,105 swing low to $51,800 high. It formed a base and started a fresh increase above the $50,000 level. Bitcoin is trading well above $50,000 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $50,400 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com An immediate resistance on the upside is ...