The bulls have had the upper hand since the start of the bitcoin (BTC) outbreak. BTC is in a strong uptrend and even tested the $ 5,335 price level on Bitfinex last night. Now, bitcoin looks like some resistance to the bumps.
At the time of writing, bitcoin is worth $ 5,031.64 after rising 1.62% in the last 24 hours. At the moment, BTC seems to be consolidating above the $ 5,000 price level, and the price has been trading sideways for several hours.
Bitcoin has been in a clear uptrend for the past two days. However, when the largest cryptocurrency touched the $ 5,335 price level, the rate fell slightly. It found support at $ 4,950.
Should the current uptrend continue, the upcoming resistance levels based on historical data are around $ 5,600. If the bulls are unable to push the course further up, then there are a number of supports that need to be monitored.
The next supports are at $ 5,000 and the aforementioned $ 4,950. Further down we see a support at $ 4,450 and the support zone that bitcoin had been playing with between $ 4,350 and $ 4,200 for weeks. This zone is currently the most important support zone for bitcoin.
So for now, it looks like bitcoin is consolidating above the $ 5,000 price level. In addition, the price acts on both the 4-hour and daily graph above 100 and 200 simple moving average (SMA) lines. With a further rise, the first likely obstacle will therefore be $ 5,600.