Bitcoin is in a short-term bullish trend. Price is trading steadily above $45,000 price level for the last few days. Price has broken above important short-term Fibonacci resistance level and has potential to move higher towards $50,500.
Bitcoin is making higher highs and higher lows. Short-term trend remains bullish as long as price is above $38,500. Next upside target is the 50% Fibonacci retracement at $50,500 but the most important resistance is at the 61.8% level at $54,900. There are increased chances of price reaching that level. Bitcoin's decline from its all time highs to $29,000 has been completed and we are now seeing a bounce higher. In order for this rise to be the start of a new up trend, bulls will need to defend $38,000. Failure to do so will be a sign of weakness and more selling to come.
