Bitcoin price tested the $47,000 support zone before starting a recovery against the US Dollar. BTC is showing positive signs, but it might face hurdles near $53,500.
Bitcoin is rising and it is trading nicely above the $50,000 pivot level. The price is now trading well above $51,000 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $51,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to rally if there is a clear break above the $53,500 resistance zone. Bitcoin Price is Recovering
Bitcoin declined again below the $48,500 support level. BTC even spiked below the $47,500 low and it traded to a new swing low near $47,000.
The bulls appeared near the $47,000 zone and the price started a steady recovery. There was a break above the $50,000 resistance level. The price climbed above the 61.8% Fib