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{"id":459771,"date":"2021-03-29T03:08:15","date_gmt":"2021-03-29T03:08:15","guid":{"rendered":"https:\/\/wncen.com\/?p=459771"},"modified":"2024-06-11T14:14:21","modified_gmt":"2024-06-11T14:14:21","slug":"bitcoin-btc-remains-attractive-near-54k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-remains-attractive-near-54k\/","title":{"rendered":"TA: Bitcoin Corrects Gains, Why BTC Remains Attractive Near $54K"},"content":{"rendered":"

Bitcoin price started a steady increase and tested the $56,500 zone against the US Dollar. BTC is now correcting gains, with many supports near $54,000.<\/em><\/p>\n

\n
Bitcoin traded as high as $56,694 before starting a downside correction.<\/li>\n
The price is still above the $54,000 support and the 100 hourly simple moving average.<\/li>\n
There was a break below a key bullish trend line with support near $55,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair is likely to find a strong buying interest near the $54,000 support zone in the near term.<\/li>\n<\/ul>\n
Bitcoin Price Remains Supported<\/h2>\n
After a clear break above the $53,200 resistance, bitcoin extended its rise<\/a>. BTC broke the $55,000 resistance level and settled nicely above the 100 hourly simple moving average.<\/p>\n
It even spiked above $56,500 and traded as high as $56,694. It is now correcting lower and trading below the $56,000 level. There was a break below the 23.6% Fib retracement level of the upward move from the $50,400 swing low to $56,694 high.<\/p>\n
There was also a break below a key bullish trend line with support near $55,500 on the hourly chart of the BTC\/USD pair. The pair is now consolidating near the $55,000 level.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
An initial support on the downside is near the $54,500 level. The first major support is near the $54,000 zone and the 100 hourly simple moving average. The next major support is near the $53,500 level. It is close to the 50% Fib retracement level of the upward move from the $50,400 swing low to $56,694 high.<\/p>\n
A downside break below the $53,500 and $53,200 support levels could negate the current bullish bias. In the stated case, the price is likely to revisit $50,500.<\/p>\n
Fresh Increase in BTC?<\/h2>\n
If bitcoin stays above the $54,000 support zone and the 100 hourly SMA, there are chances of a fresh increase. An initial resistance on the upside is near the $56,200 zone.<\/p>\n
The first major resistance is near the $56,500 level. The main resistance<\/a> is still near $57,000 and $57,200, above which the price is likely to rally further.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is slowly losing momentum in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now just below the 50 level.<\/p>\n
Major Support Levels \u2013 $54,500, followed by $54,000.<\/p>\n
Major Resistance Levels \u2013 $56,000, $56,500 and $57,200.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price started a steady increase and tested the $56,500 zone against the US Dollar. BTC is now correcting gains, with many supports near $54,000. Bitcoin traded as high as $56,694 before starting a downside correction. The price is still above the $54,000 support and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $55,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to find a strong buying interest near the $54,000 support zone in the near term. Bitcoin Price Remains Supported After a clear break above the $53,200 resistance, bitcoin extended its rise. BTC broke the $55,000 resistance level and settled nicely above the 100 hourly simple moving average. It even spiked above $56,500 and traded as high as $56,694. It is now correcting lower and trading below the $56,000 level. There was a break below the 23.6% Fib retracement level of the upward move from the $50,400 swing low to $56,694 high. There was also a break below a key bullish trend line with support near $55,500 on the hourly chart of the BTC\/USD pair. The pair is now consolidating near the $55,000 level. Source: BTCUSD on TradingView.com An initial support on the downside is near the $54,500 level. The first major support is near the $54,000 zone and the 100 hourly simple moving average. The next major support is near the $53,500 level. It is close to the 50% Fib retracement level of the upward move from the $50,400 swing low to $56,694 high. A downside break below the $53,500 and $53,200 support levels could negate the current bullish bias. In the stated case, the price is likely to revisit $50,500. Fresh Increase in BTC? If bitcoin stays above the $54,000 support zone and the 100 hourly SMA, there are chances of a fresh increase. An initial resistance on the upside is near the $56,200 zone. The first major resistance is near the $56,500 level. The main resistance is still near $57,000 and $57,200, above which the price is likely to rally further. Technical indicators: Hourly MACD \u2013 The MACD is slowly losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now just below the 50 level. Major Support Levels \u2013 $54,500, followed by $54,000. Major Resistance Levels \u2013 $56,000, $56,500 and $57,200.<\/p>\n","protected":false},"author":67,"featured_media":459773,"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-459771","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 Corrects Gains, Why BTC Remains Attractive Near $54K<\/title>\n<meta name=\"description\" content=\"Bitcoin price started a steady increase and tested the $56,500 zone 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 Corrects Gains, Why BTC Remains Attractive Near $54K","url":"http:\/\/wncen.com\/news\/bitcoin-btc-remains-attractive-near-54k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-btc-remains-attractive-near-54k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/shutterstock_1363186970.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/shutterstock_1363186970.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":"2021-03-29T03:08:15Z","datePublished":"2021-03-29T03:08:15Z","dateModified":"2024-06-11T14:14:21Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Corrects Gains, Why BTC Remains Attractive Near $54K\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-remains-attractive-near-54k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-remains-attractive-near-54k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/shutterstock_1363186970.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/shutterstock_1363186970.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\":\"2021-03-29T03:08:15Z\",\"datePublished\":\"2021-03-29T03:08:15Z\",\"dateModified\":\"2024-06-11T14:14:21Z\"}<\/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_1363186970.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/459771"}],"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=459771"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/459771\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/459773"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=459771"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=459771"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=459771"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}

Fresh Increase in BTC?<\/h2>\nIf bitcoin stays above the $54,000 support zone and the 100 hourly SMA, there are chances of a fresh increase. An initial resistance on the upside is near the $56,200 zone.<\/p>\n