{"id":123938,"date":"2021-05-06T03:36:36","date_gmt":"2021-05-06T03:36:36","guid":{"rendered":"https:\/\/precoinnews.com\/?p=123938"},"modified":"2021-05-06T03:36:36","modified_gmt":"2021-05-06T03:36:36","slug":"ta-bitcoin-reclaims-100-sma-heres-why-btc-could-surge-above-58k","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/ta-bitcoin-reclaims-100-sma-heres-why-btc-could-surge-above-58k\/","title":{"rendered":"TA: Bitcoin Reclaims 100 SMA, Here\u2019s Why BTC Could Surge above $58K"},"content":{"rendered":"<p><em>Bitcoin price started a decent increase above the $56,000 resistance against the US Dollar. BTC is showing positive signs and it could aim a break above $58,000.<\/em><\/p>\n<ul>\n<li>Bitcoin formed a support above $54,000 and it recovered above the $56,000 zone.<\/li>\n<li>The price is now trading above the $56,000 level and the 100 hourly simple moving average.<\/li>\n<li>There was a break above a major bearish trend line with resistance near $54,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair traded as high as $57,994 and it is now correcting gains.<\/li>\n<\/ul>\n<h2>Bitcoin Price is Showing Positive Signs<\/h2>\n<p>Bitcoin remained well bid above the $54,000 support zone. As a result, BTC started a fresh increase above the $55,500 and $56,000 resistance levels.<\/p>\n<p>There was a clear break above a major bearish trend line with resistance near $54,850 on the hourly chart of the BTC\/USD pair. The pair even climbed above the $57,000 level and it settled nicely above the 100 hourly simple moving average.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/05\/trade-all-CTA.gif\" \/><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/03\/AD2_728x90.gif\" \/><\/p>\n<p>It tested the $58,000 resistance zone and a high is formed near $57,994. The price is now correcting lower and trading below $57,500. It is testing the 23.6% Fib retracement level of the recent wave from the $52,957 swing low to $57,994 high.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/05\/Bitcoin-4.png\"><\/p>\n<p>Source: BTCUSD on TradingView.com<\/p>\n<p>There is also a declining channel or a bullish flag forming with support near $56,600 on the same chart. The 100 hourly simple moving average is also near the channel support.<\/p>\n<p>On the upside, the price is facing resistance near the channel trend line at $57,600. If there is an upside break above the trend line resistance, bitcoin price could clear the $58,000 resistance. The next key resistance is near the $60,000 level.<\/p>\n<h2>Fresh Drop in BTC?<\/h2>\n<p>If bitcoin fails to clear the $57,600 resistance or $58,000, it could start a fresh decline. An initial support on the downside is near the $56,600 level and the channel zone.<\/p>\n<p>The first key support is near the $56,250 level, below which the price might test $55,500. It is near the 50% Fib retracement level of the recent wave from the $52,957 swing low to $57,994 high.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD &ndash; The MACD is showing positive signs and it could gain 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; $56,600, followed by $55,500.<\/p>\n<p>Major Resistance Levels &ndash; $57,600, $58,000 and $60,000.<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-btc-could-surge-above-58k\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price started a decent increase above<\/p>\n","protected":false},"author":3,"featured_media":123937,"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>TA: Bitcoin Reclaims 100 SMA, Here\u2019s Why BTC Could Surge above $58K - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/ta-bitcoin-reclaims-100-sma-heres-why-btc-could-surge-above-58k\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TA: Bitcoin Reclaims 100 SMA, Here\u2019s Why BTC Could Surge above $58K - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Bitcoin price started a decent increase above\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/ta-bitcoin-reclaims-100-sma-heres-why-btc-could-surge-above-58k\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-06T03:36:36+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/05\/TA-Bitcoin-Reclaims-100-SMA-Heres-Why-BTC-Could-Surge-above-58K.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/ta-bitcoin-reclaims-100-sma-heres-why-btc-could-surge-above-58k\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/ta-bitcoin-reclaims-100-sma-heres-why-btc-could-surge-above-58k\/\",\"name\":\"TA: Bitcoin Reclaims 100 SMA, Here\u2019s Why BTC Could Surge above $58K - Pre Coin News\",\"isPartOf\":{\"@id\":\"https:\/\/precoinnews.com\/#website\"},\"datePublished\":\"2021-05-06T03:36:36+00:00\",\"dateModified\":\"2021-05-06T03:36:36+00:00\",\"author\":{\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\"},\"breadcrumb\":{\"@id\":\"https:\/\/precoinnews.com\/crypto\/ta-bitcoin-reclaims-100-sma-heres-why-btc-could-surge-above-58k\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/precoinnews.com\/crypto\/ta-bitcoin-reclaims-100-sma-heres-why-btc-could-surge-above-58k\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/ta-bitcoin-reclaims-100-sma-heres-why-btc-could-surge-above-58k\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/precoinnews.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Crypto\",\"item\":\"https:\/\/precoinnews.com\/category\/crypto\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"TA: Bitcoin Reclaims 100 SMA, Here\u2019s Why BTC Could Surge above $58K\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/precoinnews.com\/#website\",\"url\":\"https:\/\/precoinnews.com\/\",\"name\":\"Pre Coin News\",\"description\":\"precoinnews.com\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/precoinnews.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\",\"name\":\"mediabest\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"caption\":\"mediabest\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"TA: Bitcoin Reclaims 100 SMA, Here\u2019s Why BTC Could Surge above $58K - Pre Coin News","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/precoinnews.com\/crypto\/ta-bitcoin-reclaims-100-sma-heres-why-btc-could-surge-above-58k\/","og_locale":"en_US","og_type":"article","og_title":"TA: Bitcoin Reclaims 100 SMA, Here\u2019s Why BTC Could Surge above $58K - Pre Coin News","og_description":"Bitcoin price started a decent increase above","og_url":"https:\/\/precoinnews.com\/crypto\/ta-bitcoin-reclaims-100-sma-heres-why-btc-could-surge-above-58k\/","og_site_name":"Pre Coin News","article_published_time":"2021-05-06T03:36:36+00:00","author":"mediabest","twitter_card":"summary_large_image","twitter_image":"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/05\/TA-Bitcoin-Reclaims-100-SMA-Heres-Why-BTC-Could-Surge-above-58K.jpg","twitter_misc":{"Written by":"mediabest","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/precoinnews.com\/crypto\/ta-bitcoin-reclaims-100-sma-heres-why-btc-could-surge-above-58k\/","url":"https:\/\/precoinnews.com\/crypto\/ta-bitcoin-reclaims-100-sma-heres-why-btc-could-surge-above-58k\/","name":"TA: Bitcoin Reclaims 100 SMA, Here\u2019s Why BTC Could Surge above $58K - Pre Coin News","isPartOf":{"@id":"https:\/\/precoinnews.com\/#website"},"datePublished":"2021-05-06T03:36:36+00:00","dateModified":"2021-05-06T03:36:36+00:00","author":{"@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a"},"breadcrumb":{"@id":"https:\/\/precoinnews.com\/crypto\/ta-bitcoin-reclaims-100-sma-heres-why-btc-could-surge-above-58k\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/precoinnews.com\/crypto\/ta-bitcoin-reclaims-100-sma-heres-why-btc-could-surge-above-58k\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/precoinnews.com\/crypto\/ta-bitcoin-reclaims-100-sma-heres-why-btc-could-surge-above-58k\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/precoinnews.com\/"},{"@type":"ListItem","position":2,"name":"Crypto","item":"https:\/\/precoinnews.com\/category\/crypto\/"},{"@type":"ListItem","position":3,"name":"TA: Bitcoin Reclaims 100 SMA, Here\u2019s Why BTC Could Surge above $58K"}]},{"@type":"WebSite","@id":"https:\/\/precoinnews.com\/#website","url":"https:\/\/precoinnews.com\/","name":"Pre Coin News","description":"precoinnews.com","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/precoinnews.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a","name":"mediabest","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","caption":"mediabest"}}]}},"_links":{"self":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/123938"}],"collection":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/comments?post=123938"}],"version-history":[{"count":0,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/123938\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media\/123937"}],"wp:attachment":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media?parent=123938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/categories?post=123938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/tags?post=123938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}