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{"id":459026,"date":"2021-03-19T03:08:08","date_gmt":"2021-03-19T03:08:08","guid":{"rendered":"https:\/\/wncen.com\/?p=459026"},"modified":"2024-06-11T14:14:04","modified_gmt":"2024-06-11T14:14:04","slug":"bitcoin-btc-must-stay-above-56k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-must-stay-above-56k\/","title":{"rendered":"TA: Bitcoin Just Saw A Technical Correction, Why BTC Must Stay Above $56K"},"content":{"rendered":"

Bitcoin price started a downside correction from the $60,000 resistance against the US Dollar. BTC is now approaching a major support zone near $56,200 and $56,000.<\/em><\/p>\n

\n
Bitcoin formed a short-term top near $60,000 and started a downside correction.<\/li>\n
The price is now trading near the $57,000 support and the 100 hourly simple moving average.<\/li>\n
There is a key rising channel forming with support near $56,150 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair is likely to continue higher as long as there is no downside break below the $56,000 support.<\/li>\n<\/ul>\n
Bitcoin Price is Losing Momentum<\/h2>\n
There was an upside extension<\/a> in bitcoin above the $59,500 level. BTC even climbed towards the $60,000 level before the bears took a stand. A high is formed near $60,040 before there was a dip.<\/p>\n
There was a break below the $58,500 and $58,000 support levels. The price dipped below the 23.6% Fib retracement level of the upward move from the $53,761 swing low to $60,040 high. It is now trading near the $57,000 support and the 100 hourly simple moving average<\/a>.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
The bulls are defending the 50% Fib retracement level of the upward move from the $53,761 swing low to $60,040 high. There is also a key rising channel forming with support near $56,150 on the hourly chart of the BTC\/USD pair.<\/p>\n
If there is a downside break below the $56,200 and $56,000 support levels, there is a risk of a sharp decline. In the stated case, the price is likely to dive towards the $53,500 level in the near term. An intermediate support could be near the $55,000 level.<\/p>\n
Fresh Increase in BTC?<\/h2>\n
If bitcoin stays above the $56,200 and $56,000 support levels, it could start a fresh increase. An initial resistance on the upside is near the $58,500 level.<\/p>\n
A clear break above the $58,500 level may possibly push the price towards the $60,000 resistance zone. Any more gains is likely to set the tone for a move towards the $61,500 level or even a new all-time high in the coming days.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining momentum in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n
Major Support Levels \u2013 $57,000, followed by $56,000.<\/p>\n
Major Resistance Levels \u2013 $58,500, $60,000 and $61,500.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price started a downside correction from the $60,000 resistance against the US Dollar. BTC is now approaching a major support zone near $56,200 and $56,000. Bitcoin formed a short-term top near $60,000 and started a downside correction. The price is now trading near the $57,000 support and the 100 hourly simple moving average. There is a key rising channel forming with support near $56,150 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to continue higher as long as there is no downside break below the $56,000 support. Bitcoin Price is Losing Momentum There was an upside extension in bitcoin above the $59,500 level. BTC even climbed towards the $60,000 level before the bears took a stand. A high is formed near $60,040 before there was a dip. There was a break below the $58,500 and $58,000 support levels. The price dipped below the 23.6% Fib retracement level of the upward move from the $53,761 swing low to $60,040 high. It is now trading near the $57,000 support and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com The bulls are defending the 50% Fib retracement level of the upward move from the $53,761 swing low to $60,040 high. There is also a key rising channel forming with support near $56,150 on the hourly chart of the BTC\/USD pair. If there is a downside break below the $56,200 and $56,000 support levels, there is a risk of a sharp decline. In the stated case, the price is likely to dive towards the $53,500 level in the near term. An intermediate support could be near the $55,000 level. Fresh Increase in BTC? If bitcoin stays above the $56,200 and $56,000 support levels, it could start a fresh increase. An initial resistance on the upside is near the $58,500 level. A clear break above the $58,500 level may possibly push the price towards the $60,000 resistance zone. Any more gains is likely to set the tone for a move towards the $61,500 level or even a new all-time high in the coming days. Technical indicators: Hourly MACD \u2013 The MACD is now gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $57,000, followed by $56,000. Major Resistance Levels \u2013 $58,500, $60,000 and $61,500.<\/p>\n","protected":false},"author":67,"featured_media":459029,"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-459026","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 Just Saw A Technical Correction, Why BTC Must Stay Above $56K<\/title>\n<meta name=\"description\" content=\"Bitcoin price started a downside correction from the $60,000 resistance 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:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"TA: Bitcoin Just Saw A Technical Correction, Why BTC Must Stay Above $56K","url":"http:\/\/wncen.com\/news\/bitcoin-btc-must-stay-above-56k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-btc-must-stay-above-56k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/shutterstock_65884069.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/shutterstock_65884069.jpg?fit=1000%2C667"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2021-03-19T03:08:08Z","datePublished":"2021-03-19T03:08:08Z","dateModified":"2024-06-11T14:14:04Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Just Saw A Technical Correction, Why BTC Must Stay Above $56K\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-must-stay-above-56k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-must-stay-above-56k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/shutterstock_65884069.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/shutterstock_65884069.jpg?fit=1000%2C667\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2021-03-19T03:08:08Z\",\"datePublished\":\"2021-03-19T03:08:08Z\",\"dateModified\":\"2024-06-11T14:14:04Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/shutterstock_65884069.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/459026"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=459026"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/459026\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/459029"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=459026"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=459026"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=459026"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}