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    Bitcoin Rallies above $52K, Why BTC Could Soon Hit $55K

    Bitcoin price rallied over 5% and it even broke the $52,000 resistance against the US Dollar. BTC is now above $53,000 and it is likely to continue higher towards $54,500 and $55,000.
    Bitcoin extended its rise above the $51,500 and $52,000 resistance levels.
    The price is now trading well above $52,000 and the 100 hourly simple moving average.
    There was a break above a key resistance trend line at $52,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair could correct a few points, but it is likely to find support near $52,800 and $52,000.
    Bitcoin Price Extends Increase
    Yesterday, we saw a fresh increase in bitcoin above the $50,000 resistance zone. BTC remained in a bullish zone and it was able to extend gains above $52,000 after a short-term downside correction.
    The bulls gained strength, resulting in a strong push above $52,000. There was also a break above a key resistance trend line at $52,800 on the hourly chart of the BTC/USD pair. The pair cleared the 76.4% Fib retracement level of the key decline from the $52,748 swing high to $46,350 swing low.
    Bitcoin is now trading well above $52,000 and the 100 hourly simple moving average. The price is trading nicely above the $53,000 level and it is likely to continue higher.

    Source: BTCUSD on TradingView.com
    An immediate resistance is near the $54,000 level. The first key resistance is near the $54,250 level. It is close to the 1.236 Fib extension level of the key decline from the $52,748 swing high to $46,350 swing low. The next major resistance for the bulls is near the $55,000 level. Any more gains could lead the price towards the $58,000 resistance zone and the all-time high.
    Dips Supported in BTC?
    If bitcoin starts a downside correction, it is likely to remain well bid above $52,000. An initial support on the downside is near the $53,000 level.
    The first key support is near the $52,700 level and the broken trend line. Any more downsides might call for a test of the main $52,000 support zone in the coming sessions.
    Technical indicators:
    Hourly MACD – The MACD is now gaining momentum in the bullish zone.
    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 60 level.
    Major Support Levels – $53,000, followed by $52,700.
    Major Resistance Levels – $54,000, $54,250 and $55,000.

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