Bitcoin price managed to rise above $50,000 for the first time since May. At the time of publication, the BTC/USD pair is trading at $50280. Thus, the price of Bitcoin has risen by 70% since July 21.
However, if the price fails to hold above $50000 it could lead to a bearish correction. Immediate support is around $49750. The next support is at $48000. If we see a breakout of the uptrend line, the price could return to the support zone of 48000 dollars.
If the bulls manage to close the daily candle above $50000, we can look forward to further movement to the area of 60000 dollars. The first key resistance is near the level of 50500, above which bulls are likely to target more gains. The next major hurdle for bulls could be $52000.
Analysts predict that the past historical maximum will be overcome if the uptrend continues. New large buyers continue to enter the market, and short positions continue to liquidate, this will help to overcome the high. In case of overcoming the past historical maximum, we can expect an accelerated upward movement.