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.Source:
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.