TA: Bitcoin Fixes Earnings, Why BTC Remains Attractive Near $ 54K

Bitcoin's price started to rise steadily, testing the $ 56,500 area against the US dollar. BTC is currently correcting gains with many supports close to $ 54,000. Bitcoin surged as high as $ 56,694 before starting a downward correction. The price is still above the $ 54,000 support and the simple hourly moving average of 100. There was a break below a major bullish line with support near $ 55,500 on the hourly chart of the BTC / USD pair (Kraken data stream). The pair could find strong buying interest near the short-term $ 54,000 support area. Bitcoin Price Remains Support After breaking sharply above the $ 53,200 resistance, Bitcoin has increased its gains. BTC broke the $ 55,000 resistance level and settled well above the simple hourly moving average of 100. In fact, it rose above $ 56,500 and traded up to $ 56,694. It is now correcting and is trading below the $ 56,000 level. There was a break below the 23.6% Fib retracement level of the $ 50,400 upward move towards the high of $ 56,694. Also, there was a break below a major bullish line with support near $ 55,500 on the hourly chart of the BTC / USD pair. The pair is currently consolidating at the $ 55,000 level. Source: BTCUSD Initial bearish support on TradingView.com at around $ 54,500. The first major support is near the $ 54,000 area and the 100 hourly simple moving average. The next major support is near the $ 53,500 level. Near the 50% Fib retracement level of the $ 50,400 upward swing move, the high of $ 56,694. A break below the $ 53,500 and $ 53,200 support levels could reverse the current uptrend. In the case mentioned, the price will likely reach $ 50,500 again. New increase in BTC? If Bitcoin stays above the $ 54,000 support zone and the hourly SMA above 100, there is another chance of rallying. Initial resistance to the upside is near the $ 56,200 area. The first major resistance is near the $ 56,500 level. The main resistance is still around $ 57,000 and $ 57. Read more

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