On the daily chart, Bitcoin has been trading inside a rising wedge pattern for the past few days. The bulls flipped the $49,000 level to support on Aug. 23 and pushed the price above the psychological level of $50,000. After crossing above EMA100 line, BTC found support on the MA20 ($45.9k) . The relative strength index (RSI) is near overbought levels, which could encourage profit taking around resistance. However, Upside momentum is strengthening on the  daily chart, which suggests buyers are in control. The critical zone bitcoin needs to reclaim is $55,000-$58,000.

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