CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$22,792.00
  • ethereum
    ETH$1,626.65
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » BTC » Bitcoin Price Analysis: BTC Now Retests Critical Support Line, Will The Uptrend Continue?

    Bitcoin Price Analysis: BTC Now Retests Critical Support Line, Will The Uptrend Continue?

    Author: Yaz Sheikh

    Last Updated May 1, 2021 @ 15:40

    Yesterday, bitcoin surged by an impressive 9% from daily low to daily high, surpassing the $58k mark. This continues the ongoing bullish week for BTC. Just six days ago, on Sunday, bitcoin price plunged to as low as $47k.

    Yesterday’s spike allowed bitcoin to climb back above the significant 50-day moving average line, after spending 11 days beneath it. Before this, bitcoin hadn’t seen a daily close beneath the 50-days MA since October 2020.

    As a quick recap, BTC broke below the 50-days MA on April 19th and continued to head lower from there until it found support at $47,000 (.5 Fib) last Sunday, as mentioned above.

    Earlier today, the bulls encountered a significant resistance area at $58,355, which was the previous all-time high set at mid-February. This resistance was further bolstered by the upper angle of a short-term ascending price channel.

    After reaching this resistance, bitcoin retraced over $1000 to where it is trading right now. According to Bitstamp, the daily MA-50 now lies at approximately $56,930. This, together with the $57k horizontal support, is the first major support bulls should look at.

    BTC Price Support and Resistance Levels to Watch

    Key Support Levels: $56,950 / $57k (MA-50), $56,400 (MA-20), $55,400, $54,050, $52,700.

    Key Resistance Levels: $58,355, $59,000, $60,000, $61,780, $62,940.

    Looking ahead, the first resistance lies at $58,355 (Feb highs or today’s highest). This is followed by $59,000 (upper angle of ascending price channel), $60,000, $61,780 (March previous all-time high), and $62,940 (bearish .886 Fib).

    On the other side, the first support lies at $57k – $56,950 (50-days MA). This is followed by $56,400 (MA-20), $55,400, $54,000 (.382 Fi), and $52,700 (.5 Fib & lower angle of the price channel).

    The RSI managed to break the midline and climb above 60, indicating that the bulls have taken control of the short-term momentum and are increasing their hold. This is a positive sign for the bulls, signals that the uptrend is healthy. This comes along with Bitcoin whales reportedly accumulating Bitcoin below $50k earlier this week.

    Bitstamp BTC/USD Daily Chart

    btcusd-may1
    BTC/USD Daily Chart. Source: TradingView

    Bitstamp BTC/USD 4-Hour Chart

    btcusd-may1-4hr
    BTC/USD 4-Hour Chart. Source: TradingView
    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.


    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Bitcoin (BTC) Price
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Yaz Sheikh
    More posts by this author

    Yaz is a cryptocurrency technical analyst with over seven years of technical analysis trading experience. As an Economics graduate, he has taken a keen interest in the future potentials of blockchain in the financial industry. Removing crypto from the equation, Yaz loves to watch his favorite football team and keep up-to-date with the latest fights within the UFC.

  • bitcoin
    BTC$22,792.00
  • ethereum
    ETH$1,626.65
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    2022 Was Crypto’s Dot Com Bust: Let’s Recap Tech Stocks After 2000 (Opinion)

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    From Google and Microsoft to Binance: Interview with Head of Product Mayur Kamat

    From Google and Microsoft to Binance: Interview with Head of Product Mayur Kamat

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!