The leading cryptocurrency has reclaimed its 100-day SMA (Simple Moving Average) over $ 56,000 and could target the $ 58,000 mark in the coming hours.
Bitcoin has made up for yesterday’s losses and has risen 4% against the US dollar in the last 24 hours. Price remains well above support at $ 54,000, allowing the leading cryptocurrency to overcome resistance levels of $ 55,000 and $ 56,000.
The BTC / USD pair climbed towards $ 58,000 yesterday before falling back and currently trading above its 100-day SMA. The price adjusted downwards and is now quoted at 57,000 US dollars. However, the BTC could rise in the next few hours and reach the $ 58,000 mark. Analysts are still convinced that Bitcoin is in a tailspin, although it has struggled to overcome the $ 60,000 hurdle in recent days.
# Bitcoin at $ 57,500 is not a bear market.
— Michaël van de Poppe (@CryptoMichNL) May 5, 2021
Bitcoin is currently on the rise and has risen by almost 5% in the last 24 hours. The BTC / USD pair is meeting resistance near the channel trendline at $ 57,600. An upward rally beyond the resistance of the trendline could lead to Bitcoin overcoming resistance at $ 58,000 in no time. In this case, the BTC could target the next major resistance in the $ 60,000 range.
4-Hour chart BTC / USD. Source: Coinalyze
According to the technical indicators of Bitcoin, the cryptocurrency is in a positive Trend. BTC/USD’s MACD is positive and could move into the bullish area. The RSI (Relative strength index) of BTC/USD is now well above the 50s and has formed key support levels at 56,600 and 55,500 US dollars. A sustained rally could see BTC overcome resistance levels at $ 57,600 and $ 58,000 and continue to rise towards $ 60,000.
However, if BTC fails to crack these resistance levels, a further decline could be imminent. The bulls would then have to defend the support at $ 56,600 and the canal area to defy the bearish mood. Should decisive support break by $ 56,250, the BTC price could test the level at $ 55,500.