By John Isige
Bitcoin failed to rise above $60,000 earlier in the week, thwarting investor speculation. A robust barrier at$59,000 allowed overhead pressure to rise. Moreover, investors seeking to cash out for profit added weight to the selling pressure, whereby Bitcoin tumbled to $53,000.
Meanwhile, support established at $55,000 gave the bulls a substantial boost, explaining the recovery above $54,000. Moreover, Bitcoin currently sits above the 100 Simple Moving Average (SMA), which functions as the immediate support on the four-hour chart.
On the upside, the flagship cryptocurrency is looking into resistance highlight by the 50 SMA, marginally under $56,000. A break above this seller congestion would call more buyers into the market as speculation rises for gains past $60,000. The Relative Strength Index (RSI) has recovered above 40, hinting at the uptrend extending further.
BTC/USD four-hour chart
It is worth mentioning that IntoTheBlock’s IOMAP model reveals the presence of immense hurdles ahead of Bitcoin. The most robust seller congestion zone runs from $54,822 to $56,462. Here, 1.74 million addresses previously bought roughly 903,000 BTC. Trading above this zone will be a challenging task for the bulls.
Bitcoin IOMAP model
On the downside, support levels are medium strong; thus, if overhead pressure rises, Bitcoin will most likely tumble to $50,000 and below. However, the model directs attention to the region between $53,119 and $54,759. Here, nearly 797,000 addresses had previously bought approximately 553,000 BTC.
Bitcoin intraday levels
Spot rate: $54,926
Support: $53,000 and $48,000
Resistance: $55,000, $56,000 and $58,000
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