TA: Bitcoin Struggles Near $56K, Here’s Why 100 SMA Is The Key

TA: Bitcoin Struggles Near $56K, Here’s Why 100 SMA Is The Key


Bitcoin price spiked above the $56,000 resistance against the US Dollar, but it failed to continue higher. BTC is could correct lower, but the 100 hourly SMA is likely to provide support.

Bitcoin extended its rise above the $55,500 and $56,000 resistance levels. The price is now trading well above $54,000 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $54,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could dip towards the $53,000 support before it extends its rise. Bitcoin Price Remains Supported

Bitcoin remained stable above the $53,000 support zone and it extended its upward move. BTC broke the $55,000 resistance level and it settled well above the 100 hourly simple moving average.

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The price even spiked above the $56,000 resistance level. However, the bulls failed to push the price above the $56,500 level. A high is formed near $56,490

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