The price of bitcoin started to increase steadily above the resistance level $56,500. BTC has been struggling to overcome the $58,000 obstacle and consolidating its gains.
- Bitcoin attempts a new increase, attempting to break through the support level of $52,500.
- Price is above the Simple Moving Average of 100 hours and $56,500.
- On the hourly BTC/USD chart, there is a bullish line connecting the support level of $56,800 (data from Kraken).
- If the pair clears $58,000 or $58,200 in the short term, it could pick up speed.
Bitcoin price faces resistance
Bitcoin Price started at a decent increase It broke through the $55,000 barrier. BTC was also able to surpass the $56,500 resistence. Even the price spiked over $58,000.
Recently, the swing high price was $58,000. The current consolidation is at that level. gains. A minor drop below $57,000 was recorded. Price fell below the Fib level that represents the retracement of 23.6% from the swing low at $53,643 to the high at $58,000.
Bitcoin now trades above $56,500, and 100-hour Simple moving average. On the hourly BTC/USD chart, a bullish trendline is also developing with support at the $56,800 level.
Price could be facing resistance in the vicinity of the $57,500 mark. Near the $58,000 mark, we find our first major resistance. The next session could see a rise in price if the market moves above $58,000. The next major resistance level could be at $58,800. If the price closes above $58,800, it could spark further upside. Price could test $60,000 in the case stated.
BTC: Another drop in the BTC price?
Bitcoin could begin a new decline if it fails to break through the resistance level of $57,500. Support for the short-term is located near $56,800, the trendline and immediate support.
First major support at $55,300, or the Fib retracement of the move upward from the swing low $53,643 to the high $58,000. Next support lies near $54,200. In the short term, any further losses could send the price towards the $53,500 resistance.
The following are technical indicators.
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $56,800, followed by $55,300.
Major Resistance Levels – $57,500, and $58,000.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com
