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.
Mar 9, 2021 at 6:15 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/24BKUMXCZJBW5G2FIP4MMAKLHA.png)
Bitcoin's price appears to be climbing again, after a retreat over the past couple weeks.
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Bitcoin found support around the key psychological threshold of $50,000 and was changing hands above $53,000 at press time.
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.
Uptrend remains intact with rising price floors, albeit with slowing momentum shown on the RSI.
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