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Bitcoin Lacks Momentum Above $56K, Why Rally Isn’t Over Yet

Bitcoin is displaying optimistic indicators above $54,000 in opposition to the US Dollar. BTC may speed up greater if there is a transparent break above the $56,000 resistance zone.

  • Bitcoin stays effectively supported above the $54,500 degree.
  • The value is now buying and selling above $55,000 and the 100 hourly easy shifting common.
  • There is a key declining channel forming with resistance close to $55,650 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may begin a recent rally if there is a transparent break above the $56,000 resistance.

Bitcoin Price Remains In Uptrend

Bitcoin value remained in a optimistic zone and climbed above the $55,000 resistance. BTC even broke the $56,000 resistance degree and settled above the 100 hourly easy shifting common.

However, the value failed to acquire power above the $56,000 zone. A excessive was shaped close to $56,500 earlier than there was a draw back correction. The value corrected decrease under the $56,000 degree. The value even traded under the $55,000 degree and spiked under the 100 hourly SMA.

Bitcoin discovered help close to $54,500 and a low was shaped at $54,396. The value is now rising and it is buying and selling above the $55,500 degree. There was a break above the 23.6% Fib retracement degree of the current decline from the $56,500 swing excessive to $54,396 low.

It is now dealing with resistance close to the $55,500 degree. There is additionally a key declining channel forming with resistance close to $55,650 on the hourly chart of the BTC/USD pair. The channel resistance is shut to the 50% Fib retracement degree of the current decline from the $56,500 swing excessive to $54,396 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

The most important resistance is forming close to the $56,000 zone, above which the value may speed up greater. The subsequent main resistance sits close to the $57,200 degree. Any extra good points may set the tempo for a transfer in the direction of the $58,000 degree.

Dips Supported In BTC?

If bitcoin fails to clear the $56,000 resistance zone, it may appropriate decrease. An instant help on the draw back is close to the $55,000 degree.

The first main help is now forming close to the $54,500 degree. The subsequent main help is close to the $54,000 degree, under which there is a danger of a bigger decline.

Technical indicators:

Hourly MACD – The MACD is slowly gaining tempo within the bullish zone.

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

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

Major Resistance Levels – $55,500, $55,650 and $56,000.

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