Bitcoin Price Analysis: BTC Zooms Above $5K To Start Uptrend

Bitcoin price rallied sharply after it broke the $4,200 and $4,220 resistances against the US Dollar.The price climbed more than 25% and broke the $5,000 resistance level.There was a break above a crucial ascending channel with resistance at $4,220 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair is currently consolidating near $5,000, with support at $4,885 and $4,835.Bitcoin Price AnalysisThis week started with a bang as bitcoin price gained a strong bullish momentum against the US Dollar. Earlier, the BTC/USD pair formed a support base near $3,900 and later moved above the $4,000 resistance level. There was a close above the $4,040 resistance and the 55 simple moving average (4-hours). The price started following a bullish path and slowly moved above the $4,100 and $4,160 levels. Finally, there was a break above the $4,200 resistance, which started the recent surge.Moreover, there was a break above…

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