Bitcoin rises on a trend line: is it bullish?

Bitcoin volatility has faded away after a big slump to $42,000 on Saturday. Bitcoin rises on an hourly chart making a new bullish trendline.

The Bitcoin price today is $50,769.74 USD with a 24-hour trading volume of $30,801,018,208 USD. Bitcoin is down 1.43% in the last 24 hours, with a market cap of $959,303,788,930 USD. It has a circulating supply of 18,895,187 BTC coins.

Bitcoin rises
Source: Tradingview

Bitcoin Rises: Analysis

Bitcoin is still indecisive on a higher time frame as RSI stands neutral. I think Bitcoin will wait for the weekend to make a final move. On the hourly chart, however, it is bitcoin is rising on a trend line slowly. It has local resistance at $51900 and there is local support to hold the price at $47150 at fib -0.236.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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