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According to reports, the mighty cryptocurrency has started to set its foot on a stable bullish trend after the recent massive market correction, currently sitting at a secure hourly average of $50,000, trending towards bigger numbers yet again.
The currency broke the resistance barrier of $48,000, clearing the way for a dominant recovery stage, now trading at a new weekly high of around $51,850. Although this bullish trend seems very optimistic in terms of sales, the main support barrier for Bitcoin still stands at around an hourly average of $48,800, which is still a lot better than its previous support, but it needs to be maintained and improved to get positive results.
Bitcoin needs to keep this stability in the market to show up on the bullish charts. According to data from Trading View, the currency does face frequent dips but manages to recover back, showing new highs when it recovers back, indicating that there is some sort of bullish trend that has started to emerge. The data showed new support at the $50,000 stage but then fell back again to the $48,000 stage after a 100-hour average calculation.
The hourly MCAD statistics show an impulse into the bullish sector with an RSI sitting above the $50 mark. A close of above the $52,000 level resistance will definitely guarantee the bullish trend, but that will only be a viable claim if Bitcoin manages to pass through the more challenging resistance levels of $53,000 and $54,000 up ahead.
Bitcoin Investments keep Growing
Bitcoin popularity seems to have skyrocketed further, resulting in this bullish trend. More and more traders have started to lock their vision on the crypto, looking for opportunities for a massive profit. Popular Chinese image processing app, Meitu just recently invested in around 379 Bitcoin worth $17.9 Million, showing its interest in the potential profit margins that Bitcoin can generate. Leading crypto investor Grayscale has also shown immense long-term support in crypto, making frequent Bitcoin, Ethereum and other crypto purchases, supporting their Crypto Trusts, gaining profit and support by launching new products frequently.
This new trend will surely attract more traders and investors into the market, as we have seen from the many examples. Bitcoin is still the most popular crypto right now, wearing the kings crown, watching over the others as they battle for newer positions, showing no signs of downfall as of now.
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