Bitcoin’s (BTC) price is trading above the $50,000 mark once again after two days of massive gains, after its price fell by over 20%
Fundamentals and past price performance
Bitcoin spent the past two days in a major pullback, with its price dropping as much as 23%. However, it seems that price levels have now stabilised as it found support, pushing the price up above $50,000 once again.
The price increase was, alongside various factors, aided by Cathie Wood, the head of crypto intelligence firm Ark Invest. She said she’s “very positive on Bitcoin, very happy to see a healthy correction here.”
— Bloomberg (@business) February 24, 2021
BTC managed to score weekly losses of 0.93%, while ETH managed to lose 7.51%. Bitcoin is currently the largest cryptocurrency by market cap, boasting a value of $945.79 billion (61.3% of the total market cap).
At the time of writing, Bitcoin is trading for $50,400, representing a price increase of 34.86% when compared to the previous month’s value.
BTC/USD daily chart price analysis
After finally stopping its downturn, Bitcoin has now found strong support at the 21-day EMA for two days straight. The cryptocurrency is currently trying to recover from the recent price drop, with its price pushing above $50,000 and towards $52,000.
Bitcoin faces strong resistance at the $52,200 level, while it can find support in the 21-day EMA and the 38.2% Fib retracement level of $48,400.
BTC’s RSI on the daily timeframe has returned to the normal trading range, with its current value sitting at 57.96.
BTC/USD hourly chart price analysis
Zooming in to the hourly chart, we can see Bitcoin’s current struggle, as its price is contesting the 21-hour EMA to the downside and 50-hour EMA to the upside.
It’s safe to say that, once Bitcoin passed $50,000, there is a higher chance of BTC pushing up rather than down. Most analysts are calling for a push that will bring its price to between $53,100 and $53,500, depending on their exact analysis.
BTC is currently more inclined to push past the 50-hour EMA and contest the $52,213 level, if not to push higher.