BTC Showing Upside Potential

The last week has been slightly bullish for bitcoin as it rose more than 13% but not enough as it fails to break above some important levels. As shown in the chart, Bitcoin is rising above an arc and nearing local resistance at EMA 200 on the 4-hour chart. The major resistance level here for Bitcoin to overcome is at $51800, the peak of December 24. Once it breaks above, it can soar up to the next resistance at $53,500, fib 1.272. However, it might come down first to restest the support of the curve.