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BTC/USD Rebound Geared Towards an Important Resistance Level

Βitcoin price BTCUSD
Βitcoin - BTCUSD

BTC/USD is rebounding after Wednesday’s fall below 56,000, even as the crypto remains below the important 60,000 mark. The decline is as a result of the ongoing profit-taking. This is after the crypto hit its all-time high.  

Besides, BTC/USD is reacting to the comments made by Peter Thiel. The investor has termed Bitcoin as a financial weapon that China has developed against the United States. At the same time, JP Morgan’s Chief Executive, Janie Dimon has called upon regulators to be keener on cryptocurrencies and other new financial structures. These comments could result in stringent regulations, which would have a negative impact on Bitcoin prices.

BTC/USD Technical Outlook

On a four-hour chart, BTC/USD is trading below the 14 and 28-day exponential moving averages. However, it is rebounding after dropping past the psychological level of 56,000 to 55,422 on Wednesday. The crypto remains below the important resistance level of 60,000, which it has failed to move past since mid-March.

At its current price of 56,865.26, BTC/USD is likely to continue rising to 60,000. If it manages to breakout of that resistance to the upside, the next target will be 62,000. This will be an all-time high, having passed the current record-high of about 61,826 reached in mid-March.

However, failure to move past that psychological level will have the crypto remain range-bound between 56,000 and 60,000. This thesis will be invalid if the bears manage to push the price past 56,000. If that is successful, the levels to watch out for will be 54,000 and 50,000.

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