{"id":459736,"date":"2021-03-28T05:08:38","date_gmt":"2021-03-28T05:08:38","guid":{"rendered":"https:\/\/wncen.com\/?p=459736"},"modified":"2024-06-11T14:14:20","modified_gmt":"2024-06-11T14:14:20","slug":"why-bitcoin-price-could-rally-above-57k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/why-bitcoin-price-could-rally-above-57k\/","title":{"rendered":"Why Bitcoin Price Could Rally If It Settles Above $57K"},"content":{"rendered":"
Bitcoin price is recovering nicely above $55,000 against the US Dollar. BTC is likely to start a strong increase if there is a daily close above the $57,000 resistance.<\/em><\/p>\n This past week, bitcoin price testes the $50,500 support zone and started a fresh increase<\/a> against the US Dollar. The BTC\/USD pair formed a support base above $52,000 and recently started a fresh increase.<\/p>\n The price broke the $53,000 and $53,500 resistance levels to move into a positive zone. It opened the doors for a break above the $55,000 resistance zone<\/a>. There was a break above the 50% Fib retracement level of the downward move from the $57,235 swing high to $50,400 swing low.<\/p>\n <\/a><\/p>\n Moreover, there was a break above a major bearish trend line with resistance near $55,000 on the 4-hours chart of the BTC\/USD pair. The pair is now trading above the 76.4% Fib retracement level of the downward move from the $57,235 swing high to $50,400 swing low.<\/p>\n An immediate resistance is near the $57,000 level and the 100 simple moving average (4-hours). A successful break and close above the $57,000 resistance zone could open the doors for a move towards the $60,000 resistance zone in the coming sessions.<\/p>\n If bitcoin fails to settle above the $57,000 resistance or the 100 simple moving average (4-hours), there is a risk of a fresh decline. An initial support on the downside is near the $55,500 level.<\/p>\n The first key support is near the broken trend line and $55,000. A clear break below the $55,000 support might open the doors for another decline. In the stated case, the price could decline towards the $53,200 level or even $53,000.<\/p>\n Technical indicators<\/p>\n 4 hours MACD \u2013 The MACD for BTC\/USD is gaining momentum in the bullish zone.<\/p>\n 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now moving nicely above the 50 level.<\/p>\n Major Support Level \u2013 $55,500<\/p>\n Major Resistance Level \u2013 $57,000<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin price is recovering nicely above $55,000 against the US Dollar. BTC is likely to start a strong increase if there is a daily close above the $57,000 resistance. Bitcoin started a fresh increase above the $55,000 and $55,500 resistance levels. The price is now well above $55,000 and the 100 simple moving average (4-hours). There was a break above a major bearish trend line with resistance near $55,000 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken). The pair could rally towards the $60,000 level if there is a close above the $57,000 resistance zone. Bitcoin Price is Showing Positive Signs This past week, bitcoin price testes the $50,500 support zone and started a fresh increase against the US Dollar. The BTC\/USD pair formed a support base above $52,000 and recently started a fresh increase. The price broke the $53,000 and $53,500 resistance levels to move into a positive zone. It opened the doors for a break above the $55,000 resistance zone. There was a break above the 50% Fib retracement level of the downward move from the $57,235 swing high to $50,400 swing low. Source: BTCUSD on TradingView.com Moreover, there was a break above a major bearish trend line with resistance near $55,000 on the 4-hours chart of the BTC\/USD pair. The pair is now trading above the 76.4% Fib retracement level of the downward move from the $57,235 swing high to $50,400 swing low. An immediate resistance is near the $57,000 level and the 100 simple moving average (4-hours). A successful break and close above the $57,000 resistance zone could open the doors for a move towards the $60,000 resistance zone in the coming sessions. Fresh Decline in BTC? If bitcoin fails to settle above the $57,000 resistance or the 100 simple moving average (4-hours), there is a risk of a fresh decline. An initial support on the downside is near the $55,500 level. The first key support is near the broken trend line and $55,000. A clear break below the $55,000 support might open the doors for another decline. In the stated case, the price could decline towards the $53,200 level or even $53,000. Technical indicators 4 hours MACD \u2013 The MACD for BTC\/USD is gaining momentum in the bullish zone. 4 hours RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now moving nicely above the 50 level. Major Support Level \u2013 $55,500 Major Resistance Level \u2013 $57,000<\/p>\n","protected":false},"author":67,"featured_media":459739,"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-459736","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n\n
Bitcoin Price is Showing Positive Signs<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Fresh Decline in BTC?<\/h2>\n