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Bitcoin's Break Above $54K Could Open Path to New Price Record: Technical Analysis
Bitcoin finds support at $50,000, with next resistance seen at $54,000, and then at the all-time high around $58,000.
Bitcoin found support around the key psychological threshold of $50,000 and was changing hands above $53,000 at press time.
STORY CONTINUES BELOW
The largest cryptocurrency by market cap remains in an uptrend, defined by its 50-day, volume-weighted moving average.
- A successful break above $54,000 should open the door to the next resistance near February's all-time high of roughly $58,000.
- Bitcoin's uptrend remains intact with prices remaining above the gradually ascending 50-day volume-weighted moving average. Rising price floors indicate strong buying interest.
- High trading volume during the February sell-off was a sign of capitulation as buyers stepped in to defend support around the psychologically important $50,000 price level.
- The February sell-off looks similar to the January sell-off, although lower highs on the relative strength index (RSI) indicate slowing upside momentum.
- The RSI index bounced from neutral territory (a reading around 50), which supported price recoveries from January and February lows.
Damanick Dantes
Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.
