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Bitcoin could be gearing towards $56,000 if it breaks this key resistance level

Bitcoin could be gearing towards $56,000 if it breaks this key resistance level

Prior to the start of the Bitcoin 2022 conference in Miami, Bitcoin (BTC) had a modest retracement after a spectacular surge throughout March.

Furthermore, given its recent upward momentum in the last 30 days, prominent crypto trading analyst Michaël van de Poppe highlighted a key resistance level for Bitcoin on April 8, which he suggests BTC will need to test if it wants to continue climbing north.

“Bitcoin approaching crucial level to test if it wants to continue moving upwards, to potentially $56K.”

Bitcoin key resistance. Source: Michael van de Poppe

The analyst pinpointed resistance at roughly $46,881, although just a day earlier, he noted Bitcoin couldn’t hold the level at $44,700 and started to drop south, which was expected after losing that recent low, “currently at an important breaker. If we hold this, all good, it seems ready for another leg to $57K. If we don’t, then I see a test around $36K.”

Meanwhile, leading crypto trader Rekt Capital has stated that the flagship digital asset is presently retesting two key bull market exponential moving averages (EMAs).

He opined:

“BTC is currently in the process of retesting two pivotal Bull Market EMAs as support. Blue 50-week EMA and green 21-week EMA.”

Bitcoin bullish EMA. Source: Rekt Capital

Bitcoin 2022 conference 

It’s worth noting that the world’s most valuable cryptocurrency is experiencing a rare period of stability, but it might be bolstered if any significant good news comes out of the world’s biggest bitcoin conference.

The Miami event is the same one where El Salvador President Nayib Bukele stated last year that his nation would be adopting Bitcoin as a legal tender.

Already it has emerged that Bitcoin (BTC) is the most popular recurring purchase asset in 2022 so far with investment platform Robinhood, surpassing leading companies such as Apple (NASDAQ: AAPL) and Tesla (NASDAQ: TSLA).

BTC price analysis

Presently, Bitcoin is trading at $43,595, up marginally on the day at 0.17% and down 4.54% across the last week, according to CoinMarketCap data.

Bitcoin 1-day price analysis. Source: CoinMarketCap

The flagship cryptocurrency is showing marginal signs of recovery after its price began sliding down on Monday. As things stand, BTC has $828.5 billion and a dominance of 41.1% of the entire crypto market.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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