Previous article Bitcoin reclaims key support zone above $56k with 4% bounce Next article Worlds First Bitcoin ICO Presale Ends 15th March Buy Now Buy Now Worlds First Bitcoin ICO Presale Ends 15th March Buy Now Buy Now Home Latest Cryptocurrency News Bitcoin reclaims key support zone above $56k with 4% bounce Bitcoin reclaims key support zone above $56k with 4% bounce By - min read 12 May 2021 Bitcoin’s price has recovered above the 200EMA on the 4-hour chart, a key support zone likely to catalyse a fresh upside towards $60k Bitcoin hit resistance around $59,982 on Coinbase on Tuesday, with the rejection resulting in a 10% decline that pushed prices to support near $53,500. The sell-off happened as stocks plummeted, with the cascade effect routing some top altcoins. The past 24 hours have however seen a recovery process begin for Bitcoin. The flagship cryptocurrency’s value has increased by 4% against the US dollar to break above $57,000. The upturn sees BTC price climb above the 200 exponential moving average on the 4-hour chart. As a result, Bitcoin bulls are currently trying to break above the $57,500 supply zone, a scenario that could allow for a new rally in the short-term. Bitcoin Price Analysis The 4-hour chart shows that Bitcoin has made a series of higher lows and lower highs since breaking upwards from lows of $47k on 25 April. The price however broke lower from an ascending trend line support on 10 May, with another lower high made below the 200 EMA line ($56,353). Intraday action has pushed the price back above the moving average to see bulls seek another leg up to the rising support line. BTC/USD 4-hour chart. Source: TradingView Technical indicators on the above chart favour a positive outlook for Bitcoin. The RSI has climbed above 50, while the MACD is suggesting a hidden bullish crossover with easing downward pressure. What bulls need, therefore, is a close above $58,054, which is a supply wall marked by the 61.8% Fib retracement level of the macro swing from $64,850 down to $47,061. If the BTC/USD pair makes a clear break above this level with increased buy-side pressure, it could push towards the stubborn $59,500 hurdle. The next major target on the upside will then be the psychological $60,000 and the 78.6% Fib level around $61,043. A contrary perspective for BTC/USD might materialise if the price makes another lower high below the 200EMA line. In this case, the immediate support zone is around $54,000. The breakdown levels of $53,300 and $52,700 offer support if sentiment turns south, with the main anchor likely at the 23.6% Fib level around $51,259. Share this article Categories Analysis Tags Bitcoin News