Bitcoin

Bitcoin price spiked above the $56,000 resistance against the US Dollar, but it failed to continue higher. BTC is could correct lower, but the 100 hourly SMA is likely to provide support.

Bitcoin extended its rise above the $55,500 and $56,000 resistance levels.
The price is now trading well above $54,000 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $54,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could dip towards the $53,000 support before it extends its rise.

Bitcoin Price Remains Supported
Bitcoin remained stable above the $53,000 support zone and it extended its upward move. BTC broke the $55,000 resistance level and it settled well above the 100 hourly simple moving average.
The price even spiked above the $56,000 resistance level. However, the bulls failed to push the price above the $56,500 level. A high is formed near $56,490 and the price is now correcting lower. It broke the $56,000 and $55,800 levels.
Bitcoin almost tested the 23.6% Fib retracement level of the recent upward wave from the $47,010 swing low to $56,490 high. There is also a key bullish trend line forming with support near $54,500 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com
If the pair breaks the trend line support, it could extend its decline towards the $53,000 support. The 100 hourly simple moving average is near the $53,000 zone to act as a strong support.
Any more losses might call for a test of the $51,500 support. The 50% Fib retracement level of the recent upward wave from the $47,010 swing low to $56,490 high is also near the $51,750 zone.
Fresh Increase in BTC?
If bitcoin remains stable above the 100 hourly SMA and the $53,000 support, it could start a fresh increase. An initial resistance on the upside is near the $55,500 level.
The next major resistance is near the $56,000 level. A successful close above the $56,000 resistance zone could set the pace for a move towards the $58,000 level in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is just above the 50 level.
Major Support Levels – $54,500, followed by $53,000.
Major Resistance Levels – $55,000, $55,500 and $56,000.

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) $ 16,218.62
ethereum
Ethereum (ETH) $ 1,173.17
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 295.46
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.385177
dogecoin
Dogecoin (DOGE) $ 0.095194
cardano
Cardano (ADA) $ 0.306734
matic-network
Polygon (MATIC) $ 0.822913
polkadot
Polkadot (DOT) $ 5.16
staked-ether
Lido Staked Ether (STETH) $ 1,155.28
shiba-inu
Shiba Inu (SHIB) $ 0.000009
dai
Dai (DAI) $ 0.995635
litecoin
Litecoin (LTC) $ 71.79
okb
OKB (OKB) $ 20.28
tron
TRON (TRX) $ 0.052932
solana
Solana (SOL) $ 13.36
uniswap
Uniswap (UNI) $ 5.28
avalanche-2
Avalanche (AVAX) $ 12.33
leo-token
LEO Token (LEO) $ 3.90
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 16,111.72
chainlink
Chainlink (LINK) $ 6.73
cosmos
Cosmos Hub (ATOM) $ 9.73
ethereum-classic
Ethereum Classic (ETC) $ 18.98
the-open-network
The Open Network (TON) $ 1.71
monero
Monero (XMR) $ 135.01
stellar
Stellar (XLM) $ 0.086632
bitcoin-cash
Bitcoin Cash (BCH) $ 108.14
algorand
Algorand (ALGO) $ 0.233592
quant-network
Quant (QNT) $ 113.10
crypto-com-chain
Cronos (CRO) $ 0.062491
apecoin
ApeCoin (APE) $ 3.85
filecoin
Filecoin (FIL) $ 4.21
vechain
VeChain (VET) $ 0.018367
near
NEAR Protocol (NEAR) $ 1.53
hedera-hashgraph
Hedera (HBAR) $ 0.048566
frax
Frax (FRAX) $ 1.00
flow
Flow (FLOW) $ 1.11
internet-computer
Internet Computer (ICP) $ 3.87
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 42.50
eos
EOS (EOS) $ 0.900225
terra-luna
Terra Luna Classic (LUNC) $ 0.000158
theta-token
Theta Network (THETA) $ 0.921978
paxos-standard
Pax Dollar (USDP) $ 0.999649
tezos
Tezos (XTZ) $ 0.974417
chain-2
Chain (XCN) $ 0.040421
chiliz
Chiliz (CHZ) $ 0.162336
the-sandbox
The Sandbox (SAND) $ 0.553147
aave
Aave (AAVE) $ 60.11