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{"id":473402,"date":"2021-10-11T03:08:10","date_gmt":"2021-10-11T03:08:10","guid":{"rendered":"https:\/\/uniquehot.com\/?p=473402"},"modified":"2024-06-11T13:59:19","modified_gmt":"2024-06-11T13:59:19","slug":"bitcoin-lacks-momentum-56k","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-lacks-momentum-56k\/","title":{"rendered":"TA: Bitcoin Lacks Momentum Above $56K, Why Rally Isn\u2019t Over Yet"},"content":{"rendered":"

Bitcoin is showing positive signs above $54,000 against the US Dollar. BTC could accelerate higher if there is a clear break above the $56,000 resistance zone.<\/em><\/p>\n

\n
Bitcoin remains well supported above the $54,500 level.<\/li>\n
The price is now trading above $55,000 and the 100 hourly simple moving average.<\/li>\n
There is a key declining channel forming with resistance near $55,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could start a fresh rally if there is a clear break above the $56,000 resistance.<\/li>\n<\/ul>\n
Bitcoin Price Remains In Uptrend<\/h2>\n
Bitcoin price remained in a positive zone<\/a> and climbed above the $55,000 resistance. BTC even broke the $56,000 resistance level and settled above the 100 hourly simple moving average.<\/p>\n
However, the price failed to gain strength above the $56,000 zone. A high was formed near $56,500 before there was a downside correction. The price corrected lower below the $56,000 level. The price even traded below the $55,000 level and spiked below the 100 hourly SMA<\/a>.<\/p>\n
Bitcoin found support near $54,500 and a low was formed at $54,396. The price is now rising and it is trading above the $55,500 level. There was a break above the 23.6% Fib retracement level of the recent decline from the $56,500 swing high to $54,396 low.<\/p>\n
It is now facing resistance near the $55,500 level. There is also a key declining channel forming with resistance near $55,650 on the hourly chart of the BTC\/USD pair. The channel resistance is close to the 50% Fib retracement level of the recent decline from the $56,500 swing high to $54,396 low.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
The main resistance is forming near the $56,000 zone, above which the price could accelerate higher. The next major resistance sits near the $57,200 level. Any more gains could set the pace for a move towards the $58,000 level.<\/p>\n
Dips Supported In BTC?<\/h2>\n
If bitcoin fails to clear the $56,000 resistance zone, it could correct lower. An immediate support on the downside is near the $55,000 level.<\/p>\n
The first major support is now forming near the $54,500 level. The next major support is near the $54,000 level, below which there is a risk of a larger decline.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is slowly gaining pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n
Major Support Levels \u2013 $54,500, followed by $54,000.<\/p>\n
Major Resistance Levels \u2013 $55,500, $55,650 and $56,000.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin is showing positive signs above $54,000 against the US Dollar. BTC could accelerate higher if there is a clear break above the $56,000 resistance zone. Bitcoin remains well supported above the $54,500 level. The price is now trading above $55,000 and the 100 hourly simple moving average. There is a key declining channel forming with resistance near $55,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could start a fresh rally if there is a clear break above the $56,000 resistance. Bitcoin Price Remains In Uptrend Bitcoin price remained in a positive zone and climbed above the $55,000 resistance. BTC even broke the $56,000 resistance level and settled above the 100 hourly simple moving average. However, the price failed to gain strength above the $56,000 zone. A high was formed near $56,500 before there was a downside correction. The price corrected lower below the $56,000 level. The price even traded below the $55,000 level and spiked below the 100 hourly SMA. Bitcoin found support near $54,500 and a low was formed at $54,396. The price is now rising and it is trading above the $55,500 level. There was a break above the 23.6% Fib retracement level of the recent decline from the $56,500 swing high to $54,396 low. It is now facing resistance near the $55,500 level. There is also a key declining channel forming with resistance near $55,650 on the hourly chart of the BTC\/USD pair. The channel resistance is close to the 50% Fib retracement level of the recent decline from the $56,500 swing high to $54,396 low. Source: BTCUSD on TradingView.com The main resistance is forming near the $56,000 zone, above which the price could accelerate higher. The next major resistance sits near the $57,200 level. Any more gains could set the pace for a move towards the $58,000 level. Dips Supported In BTC? If bitcoin fails to clear the $56,000 resistance zone, it could correct lower. An immediate support on the downside is near the $55,000 level. The first major support is now forming near the $54,500 level. The next major support is near the $54,000 level, below which there is a risk of a larger decline. Technical indicators: Hourly MACD \u2013 The MACD is slowly gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level. Major Support Levels \u2013 $54,500, followed by $54,000. Major Resistance Levels \u2013 $55,500, $55,650 and $56,000.<\/p>\n","protected":false},"author":67,"featured_media":456564,"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-473402","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 Lacks Momentum Above $56K, Why Rally Isn\u2019t Over Yet<\/title>\n<meta name=\"description\" content=\"Bitcoin is showing positive signs above $54,000 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 Lacks Momentum Above $56K, Why Rally Isn\u2019t Over Yet","url":"http:\/\/uniquehot.com\/news\/bitcoin-lacks-momentum-56k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-lacks-momentum-56k\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/02\/shutterstock_631992692-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/02\/shutterstock_631992692-1.jpg?fit=1000%2C692"},"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":"2021-10-11T03:08:10Z","datePublished":"2021-10-11T03:08:10Z","dateModified":"2024-06-11T13:59:19Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Lacks Momentum Above $56K, Why Rally Isn\\u2019t Over Yet\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-lacks-momentum-56k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-lacks-momentum-56k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/02\\\/shutterstock_631992692-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/02\\\/shutterstock_631992692-1.jpg?fit=1000%2C692\"},\"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\":\"2021-10-11T03:08:10Z\",\"datePublished\":\"2021-10-11T03:08:10Z\",\"dateModified\":\"2024-06-11T13:59:19Z\"}<\/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\/02\/shutterstock_631992692-1.jpg?fit=1000%2C692","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/473402"}],"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=473402"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/473402\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/456564"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=473402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=473402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=473402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}