BTC Bounces Off 200-SMA

Bitcoin is consolidating its losses after dropping to $42,000 over the weekend. To confirm a bullish trend from here Bitcoin needs to rally above the 100-day SMA which is beyond $54,000.

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.  If Bitcoin rise above his price level, the next stop should be $60K