Bitcoin (BTC) continued to rebound its upward trajectory on Wednesday, reclaiming its 200-day moving average (MA). If the current trend continues, a long-term resistance level of $51,000 might be sought.
<h2>Bitcoin (BTC) Rebounds and Seeking Closing Above $51,000</h2>
On August 18, BTC <a href="https://www.cryptoknowmics.com/news/market-analytics-data-says-bitcoin-can-break-55k-if-surpasses-major-resistance-level/">climbed</a> over 5% after printing a tombstone Doji candlestick, closing at $46,765. On August 20, BTC resumed its upward trend, trying to break above the previous record of $48,150 <a href="https://www.cryptoknowmics.com/news/btc-technical-analysis-the-key-moment-has-come/">set</a> on August 14. 

The gains of yesterday resulted in the re-establishment of the 200-day moving average, around which BTC has been fluctuating for over two weeks.

Furthermore, BTC bounced off the $44,000 short-term support level, which is linked with the weekly S1 support. 

Bitcoin is currently trading above the weekly pivot point of $45,973. The short-term mood should be deemed positive as long as it remains above this level.

The first area of assistance is $42,600, which corresponds to S2 weekly assistance. If this level is breached, the next significant region to watch is around $37,300, where BTC printed a higher low on the daily time frame.

Furthermore, the dropping volume signature indicates a decrease in volatility. In addition, the BBWP is falling and is already below 50. This circumstance may result in a big swing either up or down on the BTC market in the last days of August.

The bullish outlook is supported by the technical indicators. The RSI has exited the neutral zone and is trending upwards. MACD is on the verge of recovering positive characteristics after generating numerous tiny bars of negative momentum. 

The Stochastic oscillator has created a bullish cross and is resuming its upward trend.  
<h2>At $51,000, There Is a Rising Channel and Resistance.</h2>
The four-hour chart shows a rising parallel channel that has been in place since the July 20 low. BTC rebounded off the bottom of this channel and went higher yesterday. The median, which will be about $51,000 in a few days, is the closest objective.

The $51,000 level correlates to the long-term 0.618 Fib retracement level for the whole negative movement, as well as the weekly R3 resistance level. 

As a result, it will create a significant resistance zone where more selling pressure can be predicted.
<h2>Is This Another Wyckoff Distribution?</h2>
<a href="https://twitter.com/CryptoCapo_" target="_blank" rel="nofollow noopener">@CryptoCapo</a>, a cryptocurrency trader, posted two Bitcoin charts that indicate a probable repetition of the Wyckoff distribution fractal. Between February and May 2021, bitcoin reached an all-time high of $64,854.

Capo mentions the prospect of the same event occurring in a shorter time period. On the 12-hour chart, we can observe the BTC price rising as the RSI falls, resulting in a concealed positive divergence.

According to @CryptoCapo_, this might result in another upward rise to about $51,000, followed by a drop below $38,000. Both of these levels intersect with the long-term resistance and support zones described previously.

Bitcoin (BTC) Rebounds Above $48,150, Seeking $51,000

Kavya Barua is a voracious learner who is fascinated by crypto and Fintech advancements. Graduated from Janki Devi Memorial College's B.A (Hons) English program at the University of Delhi. She aspires to be a successful professional, having a keen interest in learning and achieving results.

Bitcoin (BTC) Rebounds Above $48,150, Seeking $51,000

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