• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin
Nexo Logo

TA: Bitcoin Struggles Near $56K, Here’s Why 100 SMA Is The Key

Aayush Jindal by Aayush Jindal
1 year ago
in BTC
Reading Time: 2 mins read
Advertisement

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.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

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.

Bitcoin Price

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.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

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.

Tags: bitcoinbtcusdBTCUSDTxbtusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

Bitcoin

TA: Bitcoin is Plunging, But It’s Too Early to Say Bulls Have Given Up

17 hours ago
Bitcoin bear

Holding Back The Bears: Why Bitcoin Must Break $22,500

1 day ago
Bitcoin

TA: Bitcoin Turns Red, Why BTC Could Trade To New Monthly Lows

2 days ago
Bitcoin

TA: Bitcoin Dips Further, Why BTC Could Revisit $20K

3 days ago
bitcoin bollinger bands

Bitcoin Monthly Tags Lower Bollinger Band, Tool’s Creator Hints At Bottom

3 days ago
Bitcoin

TA: Bitcoin Dips Could Be Limited, Why 100 SMA Is The Key

4 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

Torches Genesis NFT Launching, Win Torchlight NFT to Unlock IDO Allocation

June 30, 2022

Crypto News Flash: Best Meme Coins to Explore in Bear Market 2022 – Floki Inu (FLOKI), Akita Inu (AKITA) and RoboApe (RBA)

June 30, 2022

Secure Your Finances With These Top DeFi Tokens: Gnox (GNOX), Solana (SOL), and Avalanche (AVAX)

June 30, 2022

XT.com Welcomes Cryptostone (CPS) to Its Growing Exchange

June 30, 2022

Crypto Crash: Bitcoin Falling Helplessly, Find Succour in These Two Coins

June 29, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.