Bitcoin broke over $49,500 to $50,000 psychological area after bouncing from the uptrend line. Bitcoin hit a record high of $52,600 key level. Will BTC climb further upward in the coming days? What are the charts and technical indicators are saying? Read on to find further insights into today’s BTC/USD Technical Analysis.
February 18, 2021, | AtoZ Markets – Bitcoin rose today morning during the Asian session against the U.S. Dollar. Bitcoin is currently trading around $51,550 area and trying to push lower. After an extended period of volatility, the bulls have regained momentum and pushed the price upward quite impulsively and hit an all-time high of $52,600 area. As per the current price action context, the price may retrace towards the dynamic level on the intraday chart in the coming days.
Moreover, Bitcoin’s market capitalization is presently a couple of billions away from turning into a trillion-dollar resource. With its market capital sitting at more than $974 billion, Bitcoin is $26 billion short of $1 trillion. However, the cryptocurrency is rose by around 80% from the starting of the year.
Bitcoin Hit a Record High as Investors Are Optimistic
BTC is currently residing near $51,550 area and trying to retrace downside. However, the price has faced a strong resistance around $52,600 to $52,000 key area.
Image: Bitcoin 4 Hour Chart
According to the daily chart, Bitcoin hit a record high and currently trading around $51,550 area. As per the current price action, if the price can have an impulsive bearish candle close below $52,600 to $52,000 area, the price may retrace towards $50,000 to $49,500 support area in the process. So, if the price retraces towards $50,000 to $49,500 support area and bounced upside with an impulsive bullish candle, the bulls may recover higher towards $52,000 to $52,600 area in the coming days.
Furthermore, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and the Tenkan line. So, the dynamic level act as a strong support to push the price upward. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process.
BTC May Recover Higher
According to the daily chart, Bitcoin hit a record high as the bulls are optimistic. As per the current scenario, if the price retraces towards $49,500 to $50,000 area and breaks above the last candle’s high, the bulls may sustain the bullish pressure towards $57,500 to $58,000 area in the coming days. Alternatively, if the price pushes lower and breaks below $50,000 to $49,500 area with a daily bearish candle, the price may decline towards $45,500 to $45,000 support area in the process.
Image: Bitcoin Daily Chart
In addition, the dynamic level of 20 EMA is currently residing below the price. It may pull the price down as a mean reversion. Along with this, the Stochastic Oscillator lines are currently residing near the overbought level 80 and may have a bearish crossover. It indicates that the bears may regain momentum for a while in the days ahead.
To conclude, Bitcoin’s current bullish momentum is quite strong, which indicates that the BTC may sustain the bullish trend further. A daily close is required to identify the definite momentum in the coming days.