Bitcoin surpassed $ 58,000, an impressive 9% from the daily bottom. Just six days ago, the Bitcoin price had dropped to $ 47,000.
Yesterday’s uptrend allowed Bitcoin to break above the key 50-day moving average line after staying below this level for 11 days. Before that, Bitcoin had not seen a daily close below the 50-day MA since October 2020.
As a quick summary, BTC fell below the 50-day MA on April 19 and continued to move from there until it found support at $ 47,000 (.5 Fib) last Sunday, as noted above.
Earlier today the bulls encountered a key area of resistance at $ 58,355, the previous all-time high in mid-February. This resistance is strengthened further with the upper angle of the short term rising price channel.
After reaching this resistance, Bitcoin pulled back over $ 1000 to where it is currently traded. The daily MA-50 currently stands at around $ 56,930, according to Bitstamp. This, along with the $ 57k horizontal support, is the first major support point to look at.
Looking ahead, the initial resistance is $ 58,355 (February high or today’s high). This is followed by 59,000 (the upper angle of the rising price channel), 60,000, 61,780 (an all-time high in March) and $ 62,940 (.886 Fib on the bearish side).
On the other hand, initial support is at $ 57,000 – $ 56,950 (50-day MA). This is followed by 56,400 (MA-20), 55,400,54,000 (.382 Fi) and $ 52,700 (.5 Fib and the lower angle of the price channel).
The RSI was able to break the midline and move above the 60’s, indicating that the bulls are taking control of short-term momentum and increasing their grip. This is a positive sign for the bulls, indicating that the uptrend is healthy. In addition, Bitcoin whales are reported to have accumulated Bitcoin earlier this week at less than $ 50,000.
Daily Bitcoin price chart
Key Support Levels: $ 56,950 and $ 57,000 (MA-50), $ 56,400 (MA-20), $ 55,400, $ 54,050 and $ 52,700
Key Resistance Levels: $ 58,355, 59,000, 60,000, 61,780 and $ 62,940