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Bitcoin Lacks Momentum Above $56,000, Explaining Why the Rally Hasn’t Ended Yet

  • October 11, 2021
  • Princess Ventures
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Bitcoin is gaining ground against the US Dollar, trading above $54,000. If there would be a clear break well above $56,000 resistance zone for bitcoin, it could accelerate higher.

  • Above the $54,500 level, Bitcoin remains well supported.
  • The price is currently trading above the $55,000 level as well as the 100 hourly simple moving average.
  • Also on hourly chart of the BTC/USD pair, a significant declining channel is starting to form with resistance near $55,650. (data feed from Kraken).
  • The pair may resume its rally if a clear break just above $56,000 resistance occurs.

? The Bitcoin Price Continues Its Uptrend

Bitcoin price continues to remain in the green and surpassed the $55,000 resistance.

BTC even broke through the $56,000 barrier and established just above 100 hourly simple moving average.

Even so, the price struggled to break through the $56,000 level.

Prior to the downside correction, a peak was formed near $56,500.

The price has corrected lower and is now trading under the $56,000 level.

In addition, even lower, the price traded far below $55,000 level and surged below the 100 hourly simple moving average.

Bitcoin gained support next to $54,500 and a low of $54,396 was established.

The price has now risen above the $55,500 level. A break well above 23.6% Fib retracement level of the recent downturn from the $56,500 swing high to the $54,396 low occurred.

Currently, it is facing a resistance close the $55,500 level.

On the hourly chart of the BTC/USD pair, a significant declining channel is forming with resistance near $55,650.

Resistance in the channel is near the 50% Fib retracement level of the decline from the $56,500 swing high to the $54,396 low.

Source: BTCUSD on TradingView.com

The primary resistance is trying to form near the $56,000 level, which if broken would likely accelerate the price higher.

Finally, the next significant resistance level is near $57,200. Any additional gains could pave the way for a push towards the $58,000 mark.

? Are the Bitcoin Dips Supported?

If bitcoin fails to break through the $56,000 resistance area, it is possible that it will correct lower. On the downside, immediate support is located near the $55,000 level.

The first significant support is beginning to form close the $54,500 level. The next significant support is near the $54,000 level, below where a larger decline is possible.

Related Article: Bitcoin ‘Programmed’ to Reach $200k as Nears Second RSI Peak

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Princess Ventures

Princess is a freelance technical, finance, and blockchain writer, blogger, and founder of FinanceOutpost.com. Ultimately, she wants to help individuals create their own freelance businesses, learn blockchain, and become financially independent.

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