Bitcoin has found support at our level at $48.2K and rallied back to $50K. It is showing a clear affinity for these higher levels, suggesting a breakout may finally be on the horizon. Recall that we must solidly break out from $50K to solidify the bull rally that took us from the low $30K handle back up to current levels. We are sitting at about $50K exactly right now, and the fact that it has not rejected this level yet is a great sign for bulls. Immediately above, however, we will see resistance from $50.8K, but we are seeing a bull wedge forming suggesting that Bitcoin is building up steam to break out. After this level, the next target will be $52.8K, and this should solidly claim the $50K handle if we can achieve this level.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.