Bitcoin has become corrective as $59,500 to $61,500 area working as strong resistance. Bitcoin is facing resistance around $59,500 psychological key area. What is next? Bears to regain momentum in the coming days? What are the charts and technical indicators are saying? Read on to find further insights into today’s BTC/USD Technical Analysis.
April 1, 2021, | AtoZ Markets – Bitcoin price decline today morning during the Asian session against the U.S. Dollar. Bitcoin is currently trading around $58,800 area and trying to push lower. After bouncing from $50,000 to $50,500 support level, the bulls have regained momentum and pushed the price upside quite impulsively, but failed to break over $59,500 to $61,500 key area. As per the current price action, the price may find support at the dynamic level of 20 EMA on the intraday chart in the days ahead.
Moreover, after an appeal from its clients, banking giant Goldman Sachs has decided to turn on its position towards BTC. In the second quarter of this current year, Goldman Sachs will offer its most affluent clients admittance to cryptocurrency. However, in March 2020, the banking organization rejected that BTC is an asset class.
Bitcoin Facing Resistance as the Key Level Working Strongly
Bitcoin is currently residing near $58,800 area and trying to decline further. However, the price is still residing over the Kumo Cloud on the daily chart.
Image: Bitcoin 4 Hour Chart
According to the 4-hour chart, Bitcoin is facing resistance and currently trading around $58,800 area. As per the current price action, if the price can break below the dynamic level with an impulsive bearish candle close, the bears may regain momentum and push the price down towards $53,500 to $53,000 area in the coming days.
Furthermore, the dynamic level of 20 EMA is currently residing below the price. So, it may work as strong support to push the price upward. However, the bears may regain momentum if the price can break below the dynamic level in the process. Also, the MACD lines are currently residing above the 0.00 level and may have a bearish crossover. It indicates that the bears may regain momentum in the days ahead.
BTC May Sustain the Bullish Trend
According to the daily chart, Bitcoin is facing resistance, but the overall bias is still bullish. As per the current price action, if the price pushes higher and breaks above $59,500 to $61,500 key area with an impulsive bullish candle, the bulls may sustain the bullish trend towards $69,000 to $70,000 area in the coming days. On the contrary, if the price rejects $59,500 to $61,500 area with an impulsive bearish candle, the bears may regain momentum and decline towards $50,500 to $50,000 area again in the days ahead.
Image: Bitcoin Daily Chart
In addition, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may work as strong support to push the price upside. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process.
To conclude, as the overall bias is still bullish, there is a high chance that the BTC may climb further upward. An impulsive daily close is needed to identify the definite momentum in the coming days.