{"id":473402,"date":"2021-10-11T03:08:10","date_gmt":"2021-10-11T03:08:10","guid":{"rendered":"https:\/\/ktsl888.com\/?p=473402"},"modified":"2024-06-11T13:59:19","modified_gmt":"2024-06-11T13:59:19","slug":"bitcoin-lacks-momentum-56k","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-lacks-momentum-56k\/","title":{"rendered":"TA: Bitcoin Lacks Momentum Above $56K, Why Rally Isn\u2019t Over Yet"},"content":{"rendered":"<p><em>Bitcoin is showing positive signs above $54,000 against the US Dollar. BTC could accelerate higher if there is a clear break above the $56,000 resistance zone.<\/em><\/p>\n<ul>\n<li>Bitcoin remains well supported above the $54,500 level.<\/li>\n<li>The price is now trading above $55,000 and the 100 hourly simple moving average.<\/li>\n<li>There is a key declining channel forming with resistance near $55,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could start a fresh rally if there is a clear break above the $56,000 resistance.<\/li>\n<\/ul>\n<h2>Bitcoin Price Remains In Uptrend<\/h2>\n<p>Bitcoin price remained in a <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-corrective-decrease-53k\/\" target=\"_blank\" rel=\"noopener \">positive zone<\/a> and climbed above the $55,000 resistance. BTC even broke the $56,000 resistance level and settled above the 100 hourly simple moving average.<\/p>\n<p>However, the price failed to gain strength above the $56,000 zone. A high was formed near $56,500 before there was a downside correction. The price corrected lower below the $56,000 level. The price even traded below the $55,000 level and spiked below the <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-surge-to-60k\/\" target=\"_blank\" rel=\"noopener \">100 hourly SMA<\/a>.<\/p>\n<p>Bitcoin found support near $54,500 and a low was formed at $54,396. The price is now rising and it is trading above the $55,500 level. There was a break above the 23.6% Fib retracement level of the recent decline from the $56,500 swing high to $54,396 low.<\/p>\n<p>It is now facing resistance near the $55,500 level. There is also a key declining channel forming with resistance near $55,650 on the hourly chart of the BTC\/USD pair. The channel resistance is close to the 50% Fib retracement level of the recent decline from the $56,500 swing high to $54,396 low.<\/p>\n<p><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/10\/Bitcoin-6.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-473403\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/10\/Bitcoin-6.png?resize=1950%2C1113\" alt=\"Bitcoin Price\" width=\"1950\" height=\"1113\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/10\/Bitcoin-6.png?w=1950 1950w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/10\/Bitcoin-6.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/10\/Bitcoin-6.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/10\/Bitcoin-6.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/10\/Bitcoin-6.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/10\/Bitcoin-6.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/10\/Bitcoin-6.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>The main resistance is forming near the $56,000 zone, above which the price could accelerate higher. The next major resistance sits near the $57,200 level. Any more gains could set the pace for a move towards the $58,000 level.<\/p>\n<h2>Dips Supported In BTC?<\/h2>\n<p>If bitcoin fails to clear the $56,000 resistance zone, it could correct lower. An immediate support on the downside is near the $55,000 level.<\/p>\n<p>The first major support is now forming near the $54,500 level. The next major support is near the $54,000 level, below which there is a risk of a larger decline.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly gaining pace in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $54,500, followed by $54,000.<\/p>\n<p>Major Resistance Levels \u2013 $55,500, $55,650 and $56,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is showing positive signs above $54,000 against the US Dollar. BTC could accelerate higher if there is a clear break above the $56,000 resistance zone. Bitcoin remains well supported above the $54,500 level. The price is now trading above $55,000 and the 100 hourly simple moving average. There is a key declining channel forming with resistance near $55,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could start a fresh rally if there is a clear break above the $56,000 resistance. Bitcoin Price Remains In Uptrend Bitcoin price remained in a positive zone and climbed above the $55,000 resistance. BTC even broke the $56,000 resistance level and settled above the 100 hourly simple moving average. However, the price failed to gain strength above the $56,000 zone. A high was formed near $56,500 before there was a downside correction. The price corrected lower below the $56,000 level. The price even traded below the $55,000 level and spiked below the 100 hourly SMA. Bitcoin found support near $54,500 and a low was formed at $54,396. The price is now rising and it is trading above the $55,500 level. There was a break above the 23.6% Fib retracement level of the recent decline from the $56,500 swing high to $54,396 low. It is now facing resistance near the $55,500 level. There is also a key declining channel forming with resistance near $55,650 on the hourly chart of the BTC\/USD pair. The channel resistance is close to the 50% Fib retracement level of the recent decline from the $56,500 swing high to $54,396 low. Source: BTCUSD on TradingView.com The main resistance is forming near the $56,000 zone, above which the price could accelerate higher. The next major resistance sits near the $57,200 level. Any more gains could set the pace for a move towards the $58,000 level. Dips Supported In BTC? If bitcoin fails to clear the $56,000 resistance zone, it could correct lower. An immediate support on the downside is near the $55,000 level. The first major support is now forming near the $54,500 level. The next major support is near the $54,000 level, below which there is a risk of a larger decline. Technical indicators: Hourly MACD \u2013 The MACD is slowly gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level. Major Support Levels \u2013 $54,500, followed by $54,000. Major Resistance Levels \u2013 $55,500, $55,650 and $56,000.<\/p>\n","protected":false},"author":67,"featured_media":456564,"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-473402","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<title>TA: Bitcoin Lacks Momentum Above $56K, Why Rally Isn\u2019t Over Yet<\/title>\n<meta name=\"description\" content=\"Bitcoin is showing positive signs above $54,000 against the US Dollar. 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