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Bitcoin Price Analysis: BTC Remains Supported Above $54K

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

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.

The post Bitcoin Price Analysis: BTC Remains Supported Above $54K appeared first on Live Bitcoin News.

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CryptoCurrencyAUDChange 1hChange 24hChange 7d
Bitcoin88,104 0.79 % 3.16 % 17.61 %
Ethereum5,462.3 0.72 % 7.41 % 17.43 %
Binance Coin669.28 0.13 % 3.95 % 14.29 %
Cardano2.910 0.06 % 4.03 % 3.42 %
Tether1.330 0.14 % 0.03 % 0.02 %
XRP1.520 0.65 % 5.98 % 3.99 %
Solana228.30 0.79 % 10.87 % 12.95 %
Polkadot59.38 0.50 % 9.28 % 27.11 %
Dogecoin0.3413 0.03 % 5.67 % 13.38 %
USD Coin1.330 0.33 % 0.03 % 0.09 %

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