Bitcoin

Bitcoin price gained pace and it cleared the $55,000 resistance zone against the US Dollar. BTC is showing positive signs and it is likely to accelerate higher above $56,500.

Bitcoin started a decent increase it settled nicely above the $53,000 resistance.
The price is now trading well above $54,000 and the 100 hourly simple moving average.
There is a short-term rising channel forming with resistance near $55,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to continue higher above the $56,000 and $56,500 resistance levels.

Bitcoin Price Remains Bullish
Bitcoin formed a strong support base above the $53,000 level and it extended gains. BTC even broke the main $55,000 resistance zone and settled well above the 100 hourly simple moving average.
There was also a push above the $55,500 level and the price traded as high as $55,782. It is now consolidating gains well above the $55,000 level. There seems to be a short-term rising channel forming with resistance near $55,850 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com
If there is an upside break above the channel resistance, the price could continue to rise towards the $56,500 and $57,000 levels. The next major resistance is near the $58,000 level, above which the price could accelerate higher towards the $60,000 level.
Dips Limited in BTC?
If bitcoin fails to clear the $56,000 and $56,500 resistance levels, it could start a downside correction. An immediate support on the downside is near the $55,200 level.
The first key support is near the $55,000 level and the channel lower trend line. The 23.6% Fib retracement level of the recent upward move from the $47,000 swing low to $55,782 high is also near the $53,700 level.
If there are more losses, the price could slide towards the $52,000 support and 100 hourly simple moving average. The 50% Fib retracement level of the recent upward move from the $47,000 swing low to $55,782 high is also positioned near the $51,500 zone to provide support if there is an extended decline.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Major Support Levels – $55,000, followed by $53,000.
Major Resistance Levels – $56,000, $58,000 and $60,000.

Ericka Turcotte

By Ericka Turcotte

I have worked in the financial sector for over 10 years and have a keen interest in cryptocurrency. I have been writing about crypto for the past two years and have become one of the most respected authors in the space. I have a deep understanding of how this new asset class works and am able to provide insights that are both interesting and useful to my readers.

bitcoin
Bitcoin (BTC) $ 16,249.81
ethereum
Ethereum (ETH) $ 1,176.57
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 296.61
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.386556
dogecoin
Dogecoin (DOGE) $ 0.096588
cardano
Cardano (ADA) $ 0.307155
matic-network
Polygon (MATIC) $ 0.825504
polkadot
Polkadot (DOT) $ 5.20
staked-ether
Lido Staked Ether (STETH) $ 1,158.22
shiba-inu
Shiba Inu (SHIB) $ 0.000009
dai
Dai (DAI) $ 1.00
litecoin
Litecoin (LTC) $ 72.29
okb
OKB (OKB) $ 20.31
tron
TRON (TRX) $ 0.053003
solana
Solana (SOL) $ 13.49
uniswap
Uniswap (UNI) $ 5.30
avalanche-2
Avalanche (AVAX) $ 12.39
leo-token
LEO Token (LEO) $ 3.91
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 16,208.47
chainlink
Chainlink (LINK) $ 6.81
cosmos
Cosmos Hub (ATOM) $ 9.80
ethereum-classic
Ethereum Classic (ETC) $ 19.13
the-open-network
The Open Network (TON) $ 1.72
monero
Monero (XMR) $ 135.38
stellar
Stellar (XLM) $ 0.087552
bitcoin-cash
Bitcoin Cash (BCH) $ 108.53
algorand
Algorand (ALGO) $ 0.233678
quant-network
Quant (QNT) $ 114.29
crypto-com-chain
Cronos (CRO) $ 0.062573
apecoin
ApeCoin (APE) $ 3.88
filecoin
Filecoin (FIL) $ 4.23
vechain
VeChain (VET) $ 0.018462
near
NEAR Protocol (NEAR) $ 1.54
hedera-hashgraph
Hedera (HBAR) $ 0.048872
frax
Frax (FRAX) $ 0.999669
flow
Flow (FLOW) $ 1.11
internet-computer
Internet Computer (ICP) $ 3.91
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 42.64
eos
EOS (EOS) $ 0.904775
terra-luna
Terra Luna Classic (LUNC) $ 0.000159
theta-token
Theta Network (THETA) $ 0.924245
paxos-standard
Pax Dollar (USDP) $ 0.999955
tezos
Tezos (XTZ) $ 0.980576
chiliz
Chiliz (CHZ) $ 0.163181
chain-2
Chain (XCN) $ 0.040536
the-sandbox
The Sandbox (SAND) $ 0.555699
aave
Aave (AAVE) $ 60.42