TA: Bitcoin Lacks Momentum Above $56K, Why Rally Isn’t Over Yet

TA: Bitcoin Lacks Momentum Above $56K, Why Rally Isn’t Over Yet


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.

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However,

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