Bitcoin Price finally surpassed the $55,000 resistance level. It is likely that the price correction continues for a while. However, the buyer can gain control if BTC reaches $60,000. Here is a summary of Bitcoin price in the past 24 hours:
- BTC surpassed the $52,000 and $54,000 resistance levels.
- Currently, the price is above $53,000 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, there is a new uptrend with support level at $53,000.
- There is a good chance BTC move above the $55,500 and $56,000 resistance levels.
Bitcoin Price Action Analysis
Bitcoin had a strong bull run starting from $50,000. It broke through the $52,000 resistance level and move above the SMA100.
During the bull run, the price went above $53,000 and had a spike reaching $55,000. The highest recorded BTC price has been $55,770 in the past few hours. As of now, the price is ranging around $55,000. The first support level is at $55,000.
This support level is near the 23.6% Fibonacci retracement level from the latest rise from $50,366 to $55,777. Looking at the 1-hour chart, we can see an important uptrend forming with support level at $53,000.
The first resistance level is at $55,00 followed by $56,200. In case Bitcoin surpasses these levels, the bull run will gain momentum. The next crucial resistance level will be at $58,000. Further growth can bring BTC closer to $60k.
On the other hand, if Bitcoin fails to surpass the $56,000, there will be a new downtrend. In that case, the $55,000 will be the first support level to expect.
Following that, the $54,200 will support the price next. The next support level will be $53,000 near the support level for the trendline. This level is also near the 50% Fibonacci retracement level from the latest rise. By dipping below the support level for the trendline, the price could approach $50,000 and the SMA100.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward movement.
RSI: the 1-hour relative strength index is currently well above 50.
Resistance levels: Right now, the $55,500, $56,000 and $58,000 are important resistance levels.
Support levels: the $55,000 and $53,000 are important support levels that will cause further decline if they are broken.
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