After a slight pullback on Saturday, the price of Bitcoin resumed its growth on Sunday. Yesterday, the BTC/USD pair managed to rise above the mark of $51000 and even reach a high of $52030. At the time of publication, the BTC/USD pair is trading around $51780.
The BTC/USD pair was able to form a good support base for itself above $49000. This allowed it to gain a foothold after the breakout of the important level of $50000. In addition, the 100-hour moving average provides additional support for the pair around $50000.
In the 4 hours chart, the ascending triangle was broken, providing resistance around $50750.
In the current situation, the nearest resistance for the BTC/USD pair remains the level of $52000. Trading above the support area and the 100-hour moving average increases the chances of a breakout of resistance. In case of a close above $52000, we will see the price rise to the area of $53200.
If the bulls fail to push the price above $52000, they will try to keep it above the nearest support level of $51500. If this level fails to keep the price from falling, then the level of $50600 will be the next important support for the pair. A breakdown of this level will open the way for the BTC/USD pair to the psychological level of $50000 and the 100-hour moving average.