{"id":120927,"date":"2021-04-13T04:59:28","date_gmt":"2021-04-13T04:59:28","guid":{"rendered":"https:\/\/precoinnews.com\/?p=120927"},"modified":"2021-04-13T04:59:28","modified_gmt":"2021-04-13T04:59:28","slug":"bitcoin-prepares-for-its-next-move-where-is-the-100-sma-the-key-btc-level","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitcoin-prepares-for-its-next-move-where-is-the-100-sma-the-key-btc-level\/","title":{"rendered":"Bitcoin Prepares For its Next Move: Where is the 100 SMA, the Key BTC Level?"},"content":{"rendered":"<p><em>Bitcoin price is consolidating above the $59,500 support zone against the US Dollar. BTC is now showing a few positive signs, but it must clear $61,200 for a fresh rally in the near term.<\/em><\/p>\n<ul>\n<li>Bitcoin is holding gains above the $60,000 and $59,500 support levels.<\/li>\n<li>The price is now trading well above the $59,500 level and the 100 hourly simple moving average.<\/li>\n<li>There is a key bullish trend line forming with support near $59,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to start a sharp upward move once it clears the $60,800 and $61,200 levels.<\/li>\n<\/ul>\n<h2>Bitcoin Price is Showing Positive Signs<\/h2>\n<p>Bitcoin remained in a range above the $59,000 level and it is showing a few positive signs. Recently, BTC made another attempt to clear the $61,200 resistance, but it failed.<\/p>\n<p>It corrected lower and retested the $59,500 support level. A low is formed near $59,432 and the price is now moving higher. It is also trading well above the $59,500 level and the 100 hourly simple moving average.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/03\/spring-cta-2.gif\" \/><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/03\/AD2_728x90.gif\" \/><\/p>\n<p>There was a break above the 50% Fib retracement level of the recent decline from the $61,212 high to $59,432 low. There is also a key bullish trend line forming with support near $59,400 on the hourly chart of the BTC\/USD pair.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/04\/Bitcoin-10.png\"><\/p>\n<p>Source: BTCUSD on TradingView.com<\/p>\n<p>Bitcoin is now trading above $60,400, but it is facing resistance near $60,800. It is close to the 76.4% Fib retracement level of the recent decline from the $61,212 high to $59,432 low.<\/p>\n<p>A successful break above the $60,800 level could open the doors for a move above $61,200. If the bulls succeed in clearing $61,200, the price could rally in the coming sessions.<\/p>\n<h2>Dips Limited in BTC?<\/h2>\n<p>If bitcoin fails to climb above $60,800 and $61,200, there could be a short-term downside correction. An initial support on the downside is near the $60,000 level.<\/p>\n<p>The main support is now forming near the trend line, $59,500 and the 100 hourly simple moving average. If the bulls fail to protect the 100 hourly SMA, there could be a major decline. In this case, the price might decline towards the $58,000 level.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD &ndash; The MACD is now gaining momentum in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) &ndash; The RSI for BTC\/USD is now well above the 50 level.<\/p>\n<p>Major Support Levels &ndash; $59,500, followed by $59,000.<\/p>\n<p>Major Resistance Levels &ndash; $60,800, $61,200 and $62,000.<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-prepares-for-next-move-61k\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is consolidating above the $59,500<\/p>\n","protected":false},"author":3,"featured_media":120926,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Prepares For its Next Move: Where is the 100 SMA, the Key BTC Level? 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