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{"id":458338,"date":"2021-03-10T03:28:34","date_gmt":"2021-03-10T03:28:34","guid":{"rendered":"https:\/\/uniquehot.com\/?p=458338"},"modified":"2024-06-11T14:13:51","modified_gmt":"2024-06-11T14:13:51","slug":"bitcoin-corrects-from-55-8k","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-corrects-from-55-8k\/","title":{"rendered":"TA: Bitcoin Corrects From $55.8K, Why Dips Could Be Limited"},"content":{"rendered":"

Bitcoin price extended its rise above the $55,000 resistance against the US Dollar. BTC is correcting lower from $55,800 and it could find bids near the $52,500 zone.<\/em><\/p>\n

\n
Bitcoin climbed further above the $54,500 and $55,000 resistance levels.<\/li>\n
The price is now trading well above $52,500 and the 100 hourly simple moving average.<\/li>\n
There is a key bullish trend line forming with support near $52,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair is currently correcting gains, but it is likely to find support near $52,500 and $52,000.<\/li>\n<\/ul>\n
Bitcoin Price Remains Elevated<\/h2>\n
There was an upside extension in bitcoin above the $54,500 resistance zone<\/a>. BTC even cleared the $55,000 resistance and settled well above the 100 hourly simple moving average.<\/p>\n
It tested the $55,800 resistance zone before the bears appeared. A high is formed near $55,805 and the price is currently correcting lower. It traded below the 23.6% Fib retracement level of the recent increase from the $49,375 low to $55,805 high.<\/p>\n
Bitcoin is testing the $53,500 support level and it is still well above the 100 hourly simple moving average<\/a>. The next major support is near the $52,500 level. There is also a key bullish trend line forming with support near $52,500 on the hourly chart of the BTC\/USD pair.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
The trend line is close to the 50% Fib retracement level of the recent increase from the $49,375 low to $55,805 high. On the upside, the $55,000 level is likely to act as a resistance again. The next key resistance is near the $55,500 level. A clear break above the $55,500 resistance could open the doors for a move above the $56,000 level.<\/p>\n
Dips Supported in BTC?<\/h2>\n
If bitcoin continues to move down, the $52,800 and $52,500 levels are likely to hold losses. If there is a downside break below the trend line support, there are chances of a move towards the $52,000.<\/p>\n
The next major support is near the $51,200 level. Any more downsides might call for a test of the main $50,000 support zone in the coming sessions.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is slowly losing momentum in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now approaching the 50 level.<\/p>\n
Major Support Levels \u2013 $53,000, followed by $52,500.<\/p>\n
Major Resistance Levels \u2013 $54,500, $55,000 and $55,500.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price extended its rise above the $55,000 resistance against the US Dollar. BTC is correcting lower from $55,800 and it could find bids near the $52,500 zone. Bitcoin climbed further above the $54,500 and $55,000 resistance levels. The price is now trading well above $52,500 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $52,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is currently correcting gains, but it is likely to find support near $52,500 and $52,000. Bitcoin Price Remains Elevated There was an upside extension in bitcoin above the $54,500 resistance zone. BTC even cleared the $55,000 resistance and settled well above the 100 hourly simple moving average. It tested the $55,800 resistance zone before the bears appeared. A high is formed near $55,805 and the price is currently correcting lower. It traded below the 23.6% Fib retracement level of the recent increase from the $49,375 low to $55,805 high. Bitcoin is testing the $53,500 support level and it is still well above the 100 hourly simple moving average. The next major support is near the $52,500 level. There is also a key bullish trend line forming with support near $52,500 on the hourly chart of the BTC\/USD pair. Source: BTCUSD on TradingView.com The trend line is close to the 50% Fib retracement level of the recent increase from the $49,375 low to $55,805 high. On the upside, the $55,000 level is likely to act as a resistance again. The next key resistance is near the $55,500 level. A clear break above the $55,500 resistance could open the doors for a move above the $56,000 level. Dips Supported in BTC? If bitcoin continues to move down, the $52,800 and $52,500 levels are likely to hold losses. If there is a downside break below the trend line support, there are chances of a move towards the $52,000. The next major support is near the $51,200 level. Any more downsides might call for a test of the main $50,000 support zone in the coming sessions. Technical indicators: Hourly MACD \u2013 The MACD is slowly losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now approaching the 50 level. Major Support Levels \u2013 $53,000, followed by $52,500. Major Resistance Levels \u2013 $54,500, $55,000 and $55,500.<\/p>\n","protected":false},"author":67,"featured_media":458340,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-458338","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nTA: Bitcoin Corrects From $55.8K, Why Dips Could Be Limited<\/title>\n<meta name=\"description\" content=\"Bitcoin price extended its rise above the $55,000 resistance against the US Dollar. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/uniquehot.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"TA: Bitcoin Corrects From $55.8K, Why Dips Could Be Limited","url":"http:\/\/uniquehot.com\/news\/bitcoin-corrects-from-55-8k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-corrects-from-55-8k\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/03\/shutterstock_1334283245.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/03\/shutterstock_1334283245.jpg?fit=1000%2C667"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2021-03-10T03:28:34Z","datePublished":"2021-03-10T03:28:34Z","dateModified":"2024-06-11T14:13:51Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Corrects From $55.8K, Why Dips Could Be Limited\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-corrects-from-55-8k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-corrects-from-55-8k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/shutterstock_1334283245.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/shutterstock_1334283245.jpg?fit=1000%2C667\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2021-03-10T03:28:34Z\",\"datePublished\":\"2021-03-10T03:28:34Z\",\"dateModified\":\"2024-06-11T14:13:51Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/03\/shutterstock_1334283245.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/458338"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=458338"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/458338\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/458340"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=458338"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=458338"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=458338"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}