TA: Bitcoin is making a comeback, here's why the key is in possession of $ 53.5k

Bitcoin's price tested the $ 47,000 support area before launching a rally against the US dollar. BTC is showing positive signs, but may face hurdles close to $ 53,500. Bitcoin is rising and trading well above the $ 50,000 base level. The price is currently 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 should recover if there is a clear break above the $ 53,500 resistance zone. Bitcoin Price Recovers Bitcoin once again dropped below the $ 48,500 support level. BTC even climbed below $ 47,500 and traded with a new drop close to $ 47,000. Bulls appeared near the $ 47,000 zone and the price started to recover steadily. There was a break above the $ 50,000 resistance level. The price rose above the 61.8% Fib retracement level of the last major drop from $ 51,050 to $ 47,000. There was a break above a major bearish trend line with resistance around $ 51,500 on the hourly chart of the BTC / USD pair. The pair is currently trading well above $ 51,000 and the 100 hourly simple moving average. The current price action is positive and the price is currently trading well above $ 52,000. On the upside, there is a major resistance near the $ 53,200 and $ 53,500 levels. The 1.618 Fib extension level of the last key drop was lowered from $ 51,050 to $ 47,000 and is close to $ 53,500. Source: BTCUSD on TradingView.com A successful break and close above the $ 53,500 level could trigger a strong upward move. In this case, the price is expected to rise above $ 54,500 and $ 55,000 in the near term. Are falls in BTC limited? If Bitcoin fails to cross the $ 53,200 and $ 53,500 resistance levels, it could trigger a downside correction. Immediate downside support is near the $ 51,500 level. Initial key support is near the $ 51,000 level and the 100 hourly simple moving average

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