BTC Corrects From $55K But Dips Remains Limited: Analysis

BTC corrects from the $55K region as it extended the rise above $55,000 resistance and the US dollar with the price correcting lower and looking for bids near the $52,500 zone. In our latest BTC news today, we are looking at the price analysis.

BTC corrects from the $55K region and climbed further than $54,500 resistance levels with the price now trading well above $52,500 and the 100 hourly simple moving average. There’s a key bullish trend line that is forming near the support of $52,500 on the hourly charts of the pair with it correcting the gains but likely looking for support near $52,500 and $52,000. There was a new upside extension in BTC above the $54,500 resistance and it even cleared the $55,000 resistance level while settling above the 100 hourly simple moving average. It then tested the $55,800 resistnace zone before the bears came to it with a new high formed near $55,805 and the price correcting lower. It then traded to a new low of $23.6% fib retracement level from the $49,375 low to $55,805 high.

BTC was testing the $53,500 support level and is now above the 100 hourly simple moving average. The next major support is close to the $52,500 level with a  new key bullish trend line that is forming with the support near the $52,500 on the hourly chart of the pair. on the upside, the $55,000 level is going to act as resistance with the next key resistance is close to the $55,500 level with a break of this resistance level opening the doors for a move above the $56,000 level. if BTC continues to move down, the $52,500 levels are going to hold the losses but if there’s a downside break below the trend line there are more chances of a move to $52,000.

The next major support is close to the $51,200 level with more downside testing the main $50,000 support zone in the upcoming session. The hourly MACD for the pair is losing momentum in the bullish zone with the hourly RSI approaching the 50 level. The major support levels are set at $53,000 and $52,000 with a major resistance level being set at $54,500 and $55,000.

As reported recently, While BTC gained 73 percent against the dollar since the start of January, it extended its uptrend even further especially since the pandemic started back in 2020 and the dollar started trading higher against the basket of foreign currencies, marking an increase of 2.52% this year.