Home Crypto News Bitcoin Price Vulnerable Despite Retest of $55ok

Bitcoin Price Vulnerable Despite Retest of $55ok

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BTC worth bounces to $55,200 after enormous sell-off however bears might nonetheless sink it to assist above $51ok

Bitcoin’s worth has bounced off lows of $53,400 after bears tried to ship it to yesterday’s lows of $51,540 — the bottom worth stage for BTC since 26 March.

As of writing, the BTC/USD is trying to break above the $55,200 resistance stage. The technical outlook exhibits that Bitcoin has but to shake off the bears whilst bulls goal a swift restoration in the direction of $57ok. The extra unfavourable state of affairs might see BTC worth go south as soon as extra, with yesterday’s lows of $51,500 the first attraction for decided bears.

Bitcoin worth every day chart

BTC/USD every day chart. Source: TradingView

Bitcoin’s outlook on the every day chart suggests there’s robust assist at $51,000. The dip from $60,400 to $51,540 was met with aggressive shopping for and the candlestick includes a lengthy decrease wick. The view right here is that Bitcoin retains a bullish bias so long as it stays above this line (dotted pink on the chart).

But the bearish perspective on the every day timeframe is more likely to strengthen given the MACD is consolidating under the sign line. The every day RSI can be slopping under 50 to counsel no fast pleasure for bulls until sentiment flips.

If it does, a breakout above $56,000 might take BTC to the 20-day EMA at $58,470. The subsequent targets will probably be at $60ok and up to date highs of $62,500.

BTC hourly chart outlook

Bitcoin 1-day worth chart. Source: TradingView

The BTC/USD pair has been buying and selling inside a declining triangle sample on the hourly chart. As the chart above exhibits, the sample’s resistance line has thwarted bullish advances a number of instances.

However,the final three hours have seen bulls file some wins as they intention for a break above the descending pattern line.

The technical image suggests fast stress faces Bitcoin on the 20-day EMA close to $55,243. Although the hourly MACD suggests a bullish reversal is in play, the RSI stays under the midpoint regardless of ticking up barely. This suggests one other wrestle close to the $55.5k zone and the 50% Fib stage ($56,270).

If costs break decrease, the preliminary assist zone is on the 23.6% Fib stage ($53,776), from the place bears might try and revisit the first assist zone close to $51ok.

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