Bitcoin price again failed to clear the $53,000 resistance level. BTC is now back below $52,000 and is likely to fall below the $50,500 support.
- Bitcoin price is struggling to break the $52,000 resistance zone.
- The price is trading below $52,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) has a bearish trend line attached, forming at resistance $51,550.
- A break below the $50,500 support could see the pair gain bearish momentum.
Bitcoin price falls again
Bitcoin price failed to start a new rally above the $52,200 resistance zone. BTC stabilized below $52,000 and slowly declined. It fell below the $51,500 level.
The price revisited the $50,500 support area. The lowest point was made at $50,636 and the price is currently recovering. There was a move above the $51,000 level. The price surged towards the 50% Fib retracement level, moving downward from the $52,991 swing high to the $50,636 low.
Bitcoin is currently trading below $52,000 and the 100-hour simple moving average. On the hourly chart of the BTC/USD pair, there is also a bearish trend line connecting with resistance at $51,550.
Immediate resistance is near the $51,550 level. The next major resistance could be $51,800, above which the price may rise towards the $52,500 resistance zone. It is close to the 76.4% Fib retracement level of the downward move from the $52,991 swing high to the $50,636 low.
Source: TradingView.com BTCUSD
Key resistance is currently near the $53,000 level. A clear break above the $53,000 resistance may lead the price to move towards the $53,500 resistance. The next resistance could be near the $54,200 level.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $52,000 resistance zone, it could begin another near-term downtrend. Immediate support for the downside is near the $51,100 level.
The first major support is $50,500. The price could gain bearish momentum if it closes below $50,500. If indicated, the price may decline towards the $49,200 support zone, below which the price may turn bearish in the near term.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $51,100, then $50,500.
Key resistance levels – $51,550, $51,800 and $52,500.
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