For the first time since September 7, Bitcoin’s price has surpassed $50000. We can say that the BTC/USD pair has finally got out of the 4-week range limited it by the level of 48000.
Thus, the BTC/USD pair began to form an uptrend on the hourly chart. And now the 100-hour moving average supports the pair in the area of 48000.
Now the main task of the bulls is to keep Bitcoin above $50000. If they can do that, it would be a good reason for the next bullish run to the area of 55000. And analysts tend to assume that we are witnessing the beginning of a new phase of Bitcoin growth. Traditional markets are preparing for high inflation and a downturn in the real estate sector, which could be triggered by the collapse of China’s Evergrande. Bitcoin has a chance to hit the mark of 100K if any major sell-off doesn’t ruin the bullish gain.
From the point of technical analysis, the BTC/USD pair has no major obstacles at the moment. The nearest resistance level is located in the area of 52700.
If the bulls fail to keep the Bitcoin price above $50000, we will see a pullback to the area of 48850.
It is worth noting that the rise in the price of Bitcoin was caused not only by Jerome Powell’s comments, but by other fundamental factors. On centralized exchanges Bitcoin supply fell to a new 30-month low. This significantly reduced the likelihood of a new decline in the price of Bitcoin.