NEW DELHI (CoinChapter.com) — Bitcoin (BTC) price is up over 10%, trading well above $52,000. BTC/USD could extend its rally if it clears the $56,500 resistance zone.
Bitcoin Price Hits Key Resistance
In the last analysis with the weekly chart, we decoded key hurdles to more upsides in Bitcoin. The bulls remained in action above the $48,000 pivot level, pushing the price further higher. The BTC/USD pair cleared the $52,000 resistance zone and extended its rally.
The Bitcoin price gained over 10% and even jumped above the $55,000 resistance zone. There was a close above the 61.8% Fib retracement level of the key drop from the $68,958 swing high to the $15,588 low.
More importantly, Bitcoin price is still following a parabolic curve with support at $52,000 on the weekly chart and is well above the 50-week simple moving average (blue). However, the price reached a major hurdle near the $56,500 zone.
The 76.4% Fib retracement level of the key drop from the $68,958 swing high to the $15,588 low is near $56,500 to act as a key hurdle. To continue higher, BTC must settle above the $56,500 resistance zone.
A close above the $56,500 resistance could set the tone for a move above the $58,000 level. In the stated case, Bitcoin price could even rally toward the $65,000 level or the last all-time high of $69,000. Any more gains might call for a test of the $75,000 level.
Fundamentally, Bitcoin ETFs recently broke the all-time volume record with $2.4 billion. This strongly signals that the current uptrend might continue if BTC sees record volumes.
Pullbacks in BTC?
If Bitcoin’s price fails to clear the $56,500 resistance, there could be a downside correction. The first major support could be near the curve, currently at $52,000. A downside break and a weekly close below the parabolic curve might increase selling pressure.
BTC might correct lower toward the $48,000 support zone in the stated case. The main uptrend support sits at $44,000, below which the bears might push the price toward the 50-week simple moving average (blue).
Overall, Bitcoin is gaining pace above $55,000, but it has reached a major hurdle at $56,500. To continue higher, BTC must settle above $56,500. Conversely, there could be a pullback toward the $52,000 support in the short term.
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