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.
Updated Sep 14, 2021 at 12:23 p.m. UTC
![Bitcoin's price appears to be climbing again, after a retreat over the past couple weeks.](https://www.coindesk.com/resizer/xa2awWvIA7CtuO1u_anuFZZmcWM=/567x308/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/24BKUMXCZJBW5G2FIP4MMAKLHA.png)
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.](https://www.coindesk.com/resizer/TIU8ObTb_Ghbq7lKcXngk-FCzUw=/560x472/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/G2VA4MP2KJHOTGZICT3X6XDS5E.png)