Bitcoin Price Analysis: BTC Needs To Close Above This Level To Continue The Week

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Bitcoin price is up by another 6% today, as the cryptocurrency finally reclaims $50,000. Earlier today the cryptocurrency reached over $51,300 (Bitstamp), but quickly retraced from there down to the $50K area. So far, this reflects a 2-day price gain of over $4000 since Friday’s low of $46,400.
Quick recap: Bitcoin price started to scale at the beginning of March but couldn’t overcome the resistance around $52,500 at the Golden Ratio (bearish .618 Fib) earlier this week. From there, it started to lose momentum until support was met at $47,200 (.382 Fib) on Friday. Source