Categories: Bitcoin News News Price Analysis

Bitcoin Price Prediction: These two crucial levels could define BTC future

advertisement

  • Bitcoin’s upside capped by the 50 SMA on the four-hour chart, delaying upswing past $60,000.
  • BTC’s short-term technical levels have started to improve, including the MACD.
  • The 100 SMA support must be defended to avert potential declines toward $50,000.

Bitcoin exchanges hands slightly under $58,000 at the time of writing. Recovery from this week’s drop to 55,400 has failed to break past the immediate resistance provided by the 50 Simple Moving Average.

advertisement

Despite the short-term hurdle, Bitcoin bulls are persistently pushing for gains above the coveted $60,000. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator conveys a bullish signal, implying that the slightest resistance path could be north.

It is worth mentioning that the MACD allows traders to identify positions to buy the dip and sell the top. When the fast MACD (main) line passes over the slow line, it insinuates that the market has gradually begun to flip bullish. On the other hand, if the mainline crosses under the slow line, we can expect bears to start taking control.

Therefore, the MACD on the four-hour chart clearly shows that Bitcoin is moving toward the bullish camp and the situation may improve in the coming sessions. Note that trading beyond the 100 SMA is critical to sustaining the uptrend.

BTC/USD four-hour chart

BTC/USD price chart by Tradingview

The 100 SMA remains key to the flagship cryptocurrency’s uptrend. The drop to $55,400 occurred after BTC lost this support area. In other words, this support level must be guarded at all costs; otherwise, losses may extend to the recently confirmed buyer congestion zone ($55,400). If push comes to shove, Bitcoin is likely to slump back to $50,000. Here, bulls will plan the next mission to hit highs as far as $70,000.

advertisement

Bitcoin intraday levels

Spot rate: $57,960

Trend: Bullish bias

Volatility: Low

Support: 100 SMA, $55,400 and $54,000

Resistance: $58,000, $60,000 and $62,000

To keep track of Crypto updates in real time, Follow us on Twitter & Telegram.

John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Share

Recent Posts

  • Press Release

Raze Network Kicks Off Testnet Phase with UI Community Voting

Singapore, Singapore, 11th May, 2021, Raze Network, the first Polkadot-based privacy protocol, is bracing to…

3 hours ago
  • News
  • Regulation News

Just In: Hungary to Reduce Tax on Crypto Gains by 50%

Hungary is going to cut the tax rates on crypto earnings by 50% starting next…

5 hours ago
  • News
  • NFT News

Just-In: Legendary Boxer Floyd Mayweather set to Launch his First NFT Collection

Floyd Mayweather, the boxing icon with 0 defeats against his name has become the latest…

7 hours ago
  • Bitcoin News
  • News

Billionaire Hedge Fund Manager Stanley Druckenmiller Says Hard to Unseat Bitcoin as Store of Value

Stanley Druckenmiller, the billionaire hedge fund manager and former chairman and president of Duquesne Capital…

7 hours ago
  • Press Release

BEPRO Network Releases Developer Alpha for DeFi and NFT Codebase

BEPRO Network has released its alpha version of its decentralized marketplace for blockchain code, bringing…

7 hours ago
  • Press Release

Shield Finance completes a $780K round to create a Defi Insurance aggregator leading up to an IDO

Chiang Mai, Thailand, 11th May, 2021, Shield Finance, a multi-chain DeFi insurance aggregator that will…

7 hours ago