The price of Bitcoin went up to $ 56,000 in the last few hours, but failed to stabilize and increase further. Market data suggest that the 100-hour moving average (SMA100) may act as a support, despite the possibility of further correction and falling.
to the the report According to Newsbite, bitcoin continues to trade above the $ 53,000 support area and has continued its upward jump to some extent. Bitcoin had previously crossed the $ 55,000 resistance and had stabilized above the simple 100-hour moving average.
Bitcoin, meanwhile, managed to break the $ 56,000 resistance. However, buyers failed to raise the price to the level of $ 56,500. At $ 54,490, we saw a price peak, and the price has now entered a correction phase. The current price of Bitcoin is in the range of $ 54,479.
Bitcoin fell as much as 23.6 percent to Fibonacci levels, up from $ 47,010 to $ 54,490. We are currently witnessing the formation of an uptrend line with a support level of around $ 54,500 per hour frame time.
If the price of Bitcoin breaks the support of this trend line, it may fall to the support level of $ 53,000. The average 100-hour moving average also forms a support area near $ 53,000.
A further fall could pave the way for support at $ 51,500. The 50% Fibonacci, which ranged from $ 47,010 to $ 56,490, is close to $ 51,750.
If Bitcoin can stabilize above the simple 100-hour moving average and support of $ 53,000, it can start a new leap. In the meantime, the first resistance will be $ 55,500.
The main resistance is $ 56,000. Closing the price above the resistance of $ 56,000 will pave the way to reach $ 58,000 in the short term.
The Makdi indicator in the hourly time frame is losing its speed in the uptrend zone. The relative power index in the hourly time frame is also higher than 50. As mentioned earlier, the main support is in the areas of $ 54,500 and $ 53,000. $ 55,000, $ 55,500 and $ 56,000 are the resistances that Bitcoin faces, respectively.