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Ta: bitcoin reclaims 100 sma, here’s why btc could surge above $58k

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As a result of rising above the $56,000 resistance against the US Dollar, bitcoin price started a decent rise. In BTC's current environment, it appears that we could see a break of $58,000.

  • The price has briefly broken above a major bearish trend line with resistance near $54,850 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price has now recovered above the $56,000 level, and is now above the 100 hourly simple moving average.
  • Bitcoin kept close to its $54,000 support zone, although it appears to be rising again.Bitcoin Price shows Positive SignsBitcoin is still above the $54,000 support zone.
  • This resulted in BTC, which broke above the $55,500 and $56,000 resistance levels. The bitcoin/USD pair broke above a major bearish trend line that was near $54,850 on the hourly chart.
  • The pair was even able to touch the $57,000 price level, and it settled above the 100 hourly simple moving average.

Bitcoin Price is Showing Positive Signs

Bitcoin remained well bid above the $54,000 support zone. The price has corrected lower and traded below $57,000.

In addition, a declining channel or a bullish flag is forming with support near $56,600 on the same chart. The pair even climbed above the $57,000 level and it settled nicely above the 100 hourly simple moving average.

On the downside, a support area is near the $56,600 level and the channel zone, while the first key support zone is near the $56,250 level, below which the price might test $55,500. Technical indicators – The MACD has shown positive signs, and could gain in the bullish zone. The RSI is well above 40 for BTC/USD. Major Support Level – $56,600, followed by $55,500. Main Resistance Levels – $57,600, $58,000, and $60,000.

Bitcoin Price

Source: BTCUSD on TradingView.com

BTC price started to climb above the $56,000 resistance against the US Dollar. With positive trends, BTC might be close to breaking $58,000 this week.

The price is now trading above the $56,000 barrier.The price is now above the $56,000 level and above the 100 hourly simple moving average.The recent break above a major bearish trend line with resistance near $54,850 on the hourly chart (data feed from Kraken). Bitcoin has reached a highest of $57,994, and it is now adjusting its gains. Bitcoin Price remained above the $54,000 resistance zone. Therefore, BTC started a new upward trend above $55,500 and $56,000 resistance levels. There was a clear break above a negative trend line with resistance near $54,850 on the hourly chart of the BTC/USD pair.

The pair was even able to touch the $57,000 price level, and it settled above the 100 hourly simple moving average.

As a resistance zone is reached near $58,000, a high is formed near $57,994. Currently, the price is declining to below $57,500.

There is also a declining channel or a bullish flag formed from $52,957 to $57,994 with support near $56,600 on the same chart. On the upside, the price is facing resistance near the channel trend line at $57,600.

If the price breaks the trend line resistance, bitcoin price could surpass the $58,000 resistance.

Bitcoin next faces key resistance near the $60,000 level. Failed to clear the $57,600 resistance or $58,000, it may start a new decline.

Support is first located near the $56,600 level and the channel zone. The initial key support is near $56,250, below which price is likely to test $55,500.

Technical indicators – The MACD has shown positive signs, and could gain in the bullish zone. The RSI is well above 40 for BTC/USD. Major Support Level – $56,600, followed by $55,500.

Major Resistance Levels – $57,600, $58,000 and $60,000.

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 5/6/2021

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