The bulls still managed to close the daily candle above 50000. Moreover, the daily candle closed at 51501. After that, the bulls felt the strength and made another breakthrough. As a result, the price of Bitcoin rose to 54400. As we wrote yesterday, Bitcoin had no barriers to growth. The closest resistance level of 52700 was overcome by the price of Bitcoin with ease. As a result, the Bitcoin price climbed to a 4-month high.
On the daily chart, the BTC/USD pair climbed above the downtrend line that has lasted since mid-May. And in fact, now Bitcoin has no obstacles to growth in the area of 55000. Today the BTC/USD pair has already tested this level, but could not hold higher. If the bulls manage to push the price above $55000, their further target will be the mark of 57500.
If the bulls run out of steam and take a breather, the bears will try to correct the price around 51300. Here the BTC/USD pair has intermediate support. The level of 49000 provides enough support to stop a possible decline in the price of Bitcoin.