Traders expect $ 50,000 BTC
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Bitcoin price started a strong surge above the $42,000 resistance against the US Dollar. BTC traded to a new all-time high near $47,500 and it remains supported for more gains.

 
- Bitcoin started a strong increase above the $40,000 and $42,000 resistance levels.
 
- The price is now well above $45,000 and the 100 hourly simple moving average.
 
- There was a break above a bullish continuation pattern with resistance near $43,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
 
- The pair is likely to continue higher towards the $48,000 and $50,000 levels in the near term.
 
Bitcoin Price is Gaining Bullish Momentum
After the report highlighting Tesla’s bitcoin holding, bitcoin price started a strong surge above the $42,000 resistance. BTC rallied over 20% and it broke many hurdles on the way up.
 
After hitting $44,500, there was a minor consolidating. Finally, there was a break above a bullish continuation pattern with resistance near $43,500 on the hourly chart of the BTC/USD pair. The pair climbed further higher above the $45,000 and $46,000 levels.
 
The price traded to a new all-time high near $47,513 before it started a downside correction. There was a break below the $46,500 level. Bitcoin corrected below the 23.6% Fib retracement level recent rally from the $42,528 swing low to $47,513 high.
 
It is now well above $45,000 and the 100 hourly simple moving average. The next key support is near the $45,000 level. It is close to the 50% Fib retracement level recent rally from the $42,528 swing low to $47,513 high.
 
On the upside, a break above the $47,500 zone could open the doors for more gains. The next target could be $48,500, but the bulls might aim a test of the $50,000 level in the near term.
 
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