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{"id":462604,"date":"2021-04-29T02:48:49","date_gmt":"2021-04-29T02:48:49","guid":{"rendered":"https:\/\/uniquehot.com\/?p=462604"},"modified":"2024-06-11T13:55:21","modified_gmt":"2024-06-11T13:55:21","slug":"bitcoin-struggles-near-56k","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-struggles-near-56k\/","title":{"rendered":"TA: Bitcoin Struggles Near $56K, Here\u2019s Why 100 SMA Is The Key"},"content":{"rendered":"

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.<\/em><\/p>\n

\n
Bitcoin extended its rise above the $55,500 and $56,000 resistance levels.<\/li>\n
The price is now trading well above $54,000 and the 100 hourly simple moving average.<\/li>\n
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).<\/li>\n
The pair could dip towards the $53,000 support before it extends its rise.<\/li>\n<\/ul>\n
Bitcoin Price Remains Supported<\/h2>\n
Bitcoin remained stable above the $53,000 support zone<\/a> and it extended its upward move. BTC broke the $55,000 resistance level and it settled well above the 100 hourly simple moving average.<\/p>\n
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.<\/p>\n
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.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
If the pair breaks the trend line support, it could extend its decline towards the $53,000 support. The 100 hourly simple moving average<\/a> is near the $53,000 zone to act as a strong support.<\/p>\n
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.<\/p>\n
Fresh Increase in BTC?<\/h2>\n
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.<\/p>\n
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.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is just above the 50 level.<\/p>\n
Major Support Levels \u2013 $54,500, followed by $53,000.<\/p>\n
Major Resistance Levels \u2013 $55,000, $55,500 and $56,000.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 \u2013 The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is just above the 50 level. Major Support Levels \u2013 $54,500, followed by $53,000. Major Resistance Levels \u2013 $55,000, $55,500 and $56,000.<\/p>\n","protected":false},"author":67,"featured_media":462606,"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-462604","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 Struggles Near $56K, Here\u2019s Why 100 SMA Is The Key<\/title>\n<meta name=\"description\" content=\"Bitcoin price spiked above the $56,000 resistance against the US Dollar, but it failed to continue higher. 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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 Struggles Near $56K, Here\u2019s Why 100 SMA Is The Key","url":"http:\/\/uniquehot.com\/news\/bitcoin-struggles-near-56k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-struggles-near-56k\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/shutterstock_649342378-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/shutterstock_649342378-1.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":"2021-04-29T02:48:49Z","datePublished":"2021-04-29T02:48:49Z","dateModified":"2024-06-11T13:55:21Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Struggles Near $56K, Here\\u2019s Why 100 SMA Is The Key\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-struggles-near-56k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-struggles-near-56k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/shutterstock_649342378-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/shutterstock_649342378-1.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\":\"2021-04-29T02:48:49Z\",\"datePublished\":\"2021-04-29T02:48:49Z\",\"dateModified\":\"2024-06-11T13:55:21Z\"}<\/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\/04\/shutterstock_649342378-1.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/462604","targetHints":{"allow":["GET"]}}],"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=462604"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/462604\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/462606"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=462604"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=462604"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=462604"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}