Bitcoin
A$ 82,423
WINkLink
A$ 0.0008307
Ethereum
A$ 5,572.6

TA: Bitcoin Corrects Gains, Why BTC Remains Attractive Near $54K

Bitcoin price started a steady increase and tested the $56,500 zone against the US Dollar. BTC is now correcting gains, with many supports near $54,000.

  • Bitcoin traded as high as $56,694 before starting a downside correction.
  • The price is still above the $54,000 support and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $55,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to find a strong buying interest near the $54,000 support zone in the near term.

Bitcoin Price Remains Supported

After a clear break above the $53,200 resistance, bitcoin extended its rise. BTC broke the $55,000 resistance level and settled nicely above the 100 hourly simple moving average.

It even spiked above $56,500 and traded as high as $56,694. It is now correcting lower and trading below the $56,000 level. There was a break below the 23.6% Fib retracement level of the upward move from the $50,400 swing low to $56,694 high.

There was also a break below a key bullish trend line with support near $55,500 on the hourly chart of the BTC/USD pair. The pair is now consolidating near the $55,000 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

An initial support on the downside is near the $54,500 level. The first major support is near the $54,000 zone and the 100 hourly simple moving average. The next major support is near the $53,500 level. It is close to the 50% Fib retracement level of the upward move from the $50,400 swing low to $56,694 high.

A downside break below the $53,500 and $53,200 support levels could negate the current bullish bias. In the stated case, the price is likely to revisit $50,500.

Fresh Increase in BTC?

If bitcoin stays above the $54,000 support zone and the 100 hourly SMA, there are chances of a fresh increase. An initial resistance on the upside is near the $56,200 zone.

The first major resistance is near the $56,500 level. The main resistance is still near $57,000 and $57,200, above which the price is likely to rally further.

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just below the 50 level.

Major Support Levels – $54,500, followed by $54,000.

Major Resistance Levels – $56,000, $56,500 and $57,200.

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CryptoCurrencyAUDChange 1hChange 24hChange 7d
Bitcoin82,423 0.62 % 0.55 % 0.57 %
Ethereum5,572.6 0.40 % 3.11 % 7.90 %
Binance Coin652.52 0.48 % 1.25 % 4.10 %
Tether1.350 0.39 % 0.58 % 0.34 %
Cardano2.910 0.23 % 0.42 % 0.84 %
Solana264.92 0.01 % 2.29 % 24.93 %
XRP1.470 0.11 % 0.33 % 3.85 %
Polkadot59.05 0.07 % 0.42 % 5.01 %
Dogecoin0.3353 0.04 % 1.72 % 4.89 %
USD Coin1.350 0.37 % 0.56 % 0.38 %

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