More

    Bitcoin Makes Comeback, Here’s Why $53.5K Holds The Key

    Bitcoin price tested the $47,000 support zone before starting a recovery against the US Dollar. BTC is showing positive signs, but it might face hurdles near $53,500.

    Bitcoin is rising and it is trading nicely above the $50,000 pivot level.
    The price is now trading well above $51,000 and the 100 hourly simple moving average.
    There was a break above a major bearish trend line with resistance near $51,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair is likely to rally if there is a clear break above the $53,500 resistance zone.

    Bitcoin Price is Recovering
    Bitcoin declined again below the $48,500 support level. BTC even spiked below the $47,500 low and it traded to a new swing low near $47,000.
    The bulls appeared near the $47,000 zone and the price started a steady recovery. There was a break above the $50,000 resistance level. The price climbed above the 61.8% Fib retracement level of the last key drop from the $51,050 high to $47,000 swing low.
    There was a break above a major bearish trend line with resistance near $51,500 on the hourly chart of the BTC/USD pair. The pair is now trading well above $51,000 and the 100 hourly simple moving average.
    The current price action is positive and the price is now trading nicely above $52,000. On the upside, there is a major resistance waiting near the $53,200 and $53,500 levels. The 1.618 Fib extension level of the last key drop from the $51,050 high to $47,000 swing low is also near $53,500.

    Source: BTCUSD on TradingView.com
    A successful break and close above the $53,500 level could spark a strong upward move. In the stated case, the price is likely to rally above the $54,500 and $55,000 levels in the near term.
    Dips Limited in BTC?
    If bitcoin fails to clear the $53,200 and $53,500 resistance levels, it could start a downside correction. An immediate support on the downside is near the $51,500 level.
    The first key support is near the $51,000 level and the 100 hourly simple moving average. A fresh close below the 100 hourly simple moving average is likely to open the doors for a drop towards the $48,500 support.
    Technical indicators:
    Hourly MACD – The MACD is slowly gaining strength in the bullish zone.
    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
    Major Support Levels – $51,500, followed by $51,000.
    Major Resistance Levels – $53,200, $53,500 and $55,000.

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Newsletter

    Subscribe to stay updated.

    bitcoin
    Bitcoin (BTC) $ 49,652.00
    ethereum
    Ethereum (ETH) $ 3,833.72
    binance-coin
    Binance Coin (BNB) $ 580.18
    dogecoin
    Dogecoin (DOGE) $ 0.483041
    xrp
    XRP (XRP) $ 1.34
    cardano
    Cardano (ADA) $ 1.88
    tether
    Tether (USDT) $ 0.997218
    polkadot
    Polkadot (DOT) $ 40.71
    bitcoin-cash
    Bitcoin Cash (BCH) $ 1,255.38
    litecoin
    Litecoin (LTC) $ 313.50
    uniswap
    Uniswap (UNI) $ 37.92
    chainlink
    Chainlink (LINK) $ 43.71
    usd-coin
    USD Coin (USDC) $ 1.00
    stellar
    Stellar (XLM) $ 0.685910
    vechain
    VeChain (VET) $ 0.184019
    ethereum-classic
    Ethereum Classic (ETC) $ 87.51
    solana
    Solana (SOL) $ 40.59
    eos
    EOS (EOS) $ 10.81
    theta-token
    Theta Network (THETA) $ 10.16
    okb
    OKB (OKB) $ 34.19
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 49,866.00
    tron
    TRON (TRX) $ 0.121078
    filecoin
    Filecoin (FIL) $ 114.60
    binance-usd
    Binance USD (BUSD) $ 0.999862
    monero
    Monero (XMR) $ 402.85
    neo
    NEO (NEO) $ 96.78
    aave
    Aave (AAVE) $ 528.75
    matic-network
    Polygon (MATIC) $ 1.11
    huobi-token
    Huobi Token (HT) $ 33.77
    compound-ether
    cETH (CETH) $ 76.61
    terra-luna
    Terra (LUNA) $ 15.52
    bitcoin-sv
    Bitcoin SV (BSV) $ 313.98
    klay-token
    Klaytn (KLAY) $ 2.38
    cosmos
    Cosmos (ATOM) $ 23.72
    iota
    IOTA (MIOTA) $ 1.94
    tezos
    Tezos (XTZ) $ 6.10
    pancakeswap-token
    PancakeSwap (CAKE) $ 30.09
    safemoon
    SafeMoon (SAFEMOON) $ 0.000008
    ftx-token
    FTX Token (FTT) $ 55.34
    cdai
    cDAI (CDAI) $ 0.021430
    kusama
    Kusama (KSM) $ 516.62
    dai
    Dai (DAI) $ 0.997841
    maker
    Maker (MKR) $ 4,924.39
    avalanche-2
    Avalanche (AVAX) $ 34.00
    compound-usd-coin
    cUSDC (CUSDC) $ 0.022007
    thorchain
    THORChain (RUNE) $ 17.51
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.162365
    algorand
    Algorand (ALGO) $ 1.35
    compound-governance-token
    Compound (COMP) $ 775.09
    bittorrent-2
    BitTorrent (BTT) $ 0.006044