Credit: Original article published by Coingape.

bitcoin

  • Bitcoin fights to reclaim the lost ground following the rejection suffered at $59,000.
  • The 100 SMA on the four-hour chart provides immediate support.

Bitcoin failed to rise above $60,000 earlier in the week, thwarting investor speculation. A robust barrier at$59,000 allowed overhead pressure to rise. Moreover, investors seeking to cash out for profit added weight to the selling pressure, whereby Bitcoin tumbled to $53,000.

Meanwhile, support established at $55,000 gave the bulls a substantial boost, explaining the recovery above $54,000. Moreover, Bitcoin currently sits above the 100 Simple Moving Average (SMA), which functions as the immediate support on the four-hour chart.

On the upside, the flagship cryptocurrency is looking into resistance highlight by the 50 SMA, marginally under $56,000. A break above this seller congestion would call more buyers into the market as speculation rises for gains past $60,000. The Relative Strength Index (RSI) has recovered above 40, hinting at the uptrend extending further.

BTC/USD four-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

It is worth mentioning that IntoTheBlock’s IOMAP model reveals the presence of immense hurdles ahead of Bitcoin. The most robust seller congestion zone runs from $54,822 to $56,462. Here, 1.74 million addresses previously bought roughly 903,000 BTC. Trading above this zone will be a challenging task for the bulls.

Bitcoin IOMAP model

Bitcoin IOMAP chart by IntoTheBlock

On the downside, support levels are medium strong; thus, if overhead pressure rises, Bitcoin will most likely tumble to $50,000 and below. However, the model directs attention to the region between $53,119 and $54,759. Here, nearly 797,000 addresses had previously bought approximately 553,000 BTC.

Bitcoin intraday levels

Spot rate: $54,926

Trend: Bullish

Volatility: Expanding

Support: $53,000 and $48,000

Resistance: $55,000, $56,000 and $58,000

The post Bitcoin Price Prediction: BTC starts regaining the ground to $60,000 as altcoins outperform appeared first on Coingape.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

Categories:

Tags:

Comments are closed

Translate

Our Other Projects

EdgyBranding.com - Premium Domain Names.

Notezi.com - Social Network

ParisArtwork.org - Mid-century Paris NFTs, tokenized on the WAX blockchain.

NewYorkArtwork.org - Mid-century New York NFTs, tokenized on the Ethereum blockchain and offered on Rarible.

Dexize.com - Ultra-Priviate DEX.

ClassicAutomobile.org - Classic Automobile News.