Bitcoin has recovered above the $50,000 level after the US Senate approved the massive $1.9 trillion stimulus bill over the weekend. The BTCUSD pair could be rallying on the notion that traders will be investing in Bitcoin with their $1,400 stimulus checks. The weekly time frame shows that the $55,000 resistance level is a possible upside target if bulls break the $52,500 resistance level.
The BTCUSD pair is only bullish while trading above the $50,000 level, key resistance is found at the $52,250 and the $55,000 levels.
If the BTCUSD pair trades below the $50,000 level, sellers may test the $48,500 and $47,000 levels.