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Bitcoin Price Analysis: BTC Remains Supported Above $54K

Summary:
Bitcoin price started a fresh increase above the ,000 resistance against the US Dollar. The price is now trading above ,000 and the 55 simple moving average (4-hours). There is a key bullish trend line forming with support near ,250 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair is showing positive signs and it could continue to rise above the ,500 level. Bitcoin price is gaining pace above ,000 against the US Dollar. BTC remains supported on the downside near the ,000 and ,200 levels. Bitcoin Price Analysis Bitcoin price formed a base above the ,000 level. As a result, BTC started a fresh increase above the ,000 and ,000 resistance levels. The price gained pace for a move above the ,000 level and the 55

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  • Bitcoin price started a fresh increase above the $50,000 resistance against the US Dollar.
  • The price is now trading above $52,000 and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $55,250 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair is showing positive signs and it could continue to rise above the $56,500 level.

Bitcoin price is gaining pace above $50,000 against the US Dollar. BTC remains supported on the downside near the $50,000 and $49,200 levels.

Bitcoin Price Analysis

Bitcoin price formed a base above the $45,000 level. As a result, BTC started a fresh increase above the $48,000 and $45,000 resistance levels.

The price gained pace for a move above the $50,000 level and the 55 simple moving average (4-hours). There was also a close above the $52,000 level and the 55 simple moving average (4-hours). The price traded as high as $57,833 before it started a downside correction.

There was a break below the $56,000 level. Bitcoin declined below the 23.6% Fib retracement level of the upward move from the $46,916 swing low to $57,833 high.

An immediate support on the downside is near the $56,000 level. There is also a key bullish trend line forming with support near $55,250 on the 4-hours chart of the BTC/USD pair. The 55 SMA is also positioned near the $53,800 level to act as a strong support.

The next key support is near the $52,350 level. It is near the 50% Fib retracement level of the upward move from the $46,916 swing low to $57,833 high. If the price fails to stay above $52,350, it could revisit the $50,000 support zone.

On the upside, an initial resistance is near the $57,150 level. The main resistance is forming near the $58,000 zone. A close above the $58,000 zone is needed for a fresh increase. In the stated case, the price is likely to rise steadily towards the $60,000 level.

Bitcoin Price

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading above $52,000 and the 55 simple moving average (4-hours). Overall, the price is showing positive signs and it could continue to rise above the $56,500 level.

Technical indicators

4 hours MACD – The MACD is now gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is well above the 50 level.

Key Support Levels – $55,200 and $52,350.

Key Resistance Levels – $56,500, $58,000 and $60,000.

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