Bitcoin resistance of $54000 is important for Bullish Trend

Bitcoin is moving undecisive after dropping last weekend to $42,000. To confirm a bullish trend from here Bitcoin resistance of $54,000 is important.

The Bitcoin price today is $51,451.41 USD with a 24-hour trading volume of $35,157,481,150 USD. Bitcoin is up 6.31% in the last 24 hours, with a market cap of $972,115,289,883 USD. It has a circulating supply of 18,893,850 BTC coins.

Bitcoin resistance
Source: Tradingview

Bitcoin Resistance: Analysis

Bitcoin is back above the higher high, making a trend line that started from July 21, 2021. Bitcoin needs to range here for a few days and collect some value before rising upwards. Currently, EMA 200 is acting as immediate support for Bitcoin and we are waiting for a confirmation candle from here. For Bitcoin, the real resistance is at $54,000 at fib 0.5. Bitcoin above this price level is Bullish and can soar to a new all-time high.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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