Bitcoin
A$ 79,050
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A$ 0.0007805
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A$ 5,361.9

TA: Bitcoin Reclaims 100 SMA, Here’s Why BTC Could Resume Uptrend

Bitcoin price started a fresh increase above the $57,500 resistance against the US Dollar. BTC is showing positive signs above $58,000 and the 100 hourly SMA.

  • Bitcoin remained well bid above the $56,000 level and it started a fresh increase.
  • The price is now trading above the $58,000 level and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $57,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct lower, but the bulls are likely to remain active near $57,800 and $57,500.

Bitcoin Price Turns Green

Bitcoin traded as low as $55,492, where the bulls took a strong stand. As a result, BTC started a fresh increase above the $56,500 and $57,000 resistance levels.

The price even cleared the 50% Fib retracement level of the downward move from the $59,475 swing high to $55,492 low. There was also a break above a key bearish trend line with resistance near $57,100 on the hourly chart of the BTC/USD pair.

It is now trading above the $58,000 level and the 100 hourly simple moving average. An immediate resistance is near the $58,275 level. The 76.4% Fib retracement level of the downward move from the $59,475 swing high to $55,492 low is also near the $58,500 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

A clear break above the $57,275 and $58,500 resistance levels could open the doors for more gains. The next key resistance on the upside is near the $59,500 level. The main resistance is still near the $60,000 zone.

Dips Supported in BTC?

If bitcoin fails to climb above $58,275 and $58,500, there could be a short-term downside correction. An initial support on the downside is near the $57,750 level and the 100 hourly simple moving average.

The next major support is near the $57,500 level (the recent breakout zone). If the bulls fail to protect the 100 hourly SMA and then $57,500, there are chances of a steady decline. In the stated case, the price might decline towards the $56,500 level in the near term.

Technical indicators:

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

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

Major Support Levels – $57,750, followed by $57,500.

Major Resistance Levels – $58,275, $58,500 and $59,500.

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CryptoCurrencyAUDChange 1hChange 24hChange 7d
Bitcoin79,050 0.41 % 2.64 % 10.39 %
Ethereum5,361.9 0.28 % 5.05 % 3.45 %
Binance Coin610.73 0.39 % 5.35 % 8.85 %
Tether1.340 0.12 % 0.16 % 0.42 %
Cardano2.590 0.01 % 9.39 % 11.27 %
Solana251.32 0.12 % 7.33 % 7.46 %
XRP1.340 0.22 % 9.88 % 12.06 %
Polkadot55.22 1.01 % 8.01 % 6.94 %
Shiba Inu0.0001084 4.61 % 55.92 % 178.38 %
USD Coin1.340 0.17 % 0.01 % 0.05 %

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