This article is also available in Spanish.
Bitcoin price held support near the $52,500 zone. BTC is recovering losses and is facing hurdles near the $55,200 and $55,500 levels.
- Bitcoin is struggling to recover above the $55,500 area.
- The price is trading below $55,200 and the 100 hourly simple moving average.
- According to data provided by Kraken, there is a resistance line forming at $55,200 on the hourly chart of BTC/USD, forming a major downtrend line.
- The pair may struggle to recover above the resistance levels of $55,500 or $56,000 in the short term.
Bitcoin Price Recovery Target
Bitcoin price remained in a downtrend and extended losses below the $55,500 support level. BTC also fell below the $53,200 level. It tested the $52,500 level. A low was formed at $52,569 and the price is currently attempting a recovery wave.
It has moved above the $53,200 and $54,000 resistance levels. It has broken the 23.6% Fibonacci correction level of the decline from the $58,508 swing high to the $52,569 low. However, the price is currently struggling to recover above the $55,500 zone.
Bitcoin is currently trading below $55,200 and the 100-hour SMA. In an uptrend, the price could face resistance near $55,200. There is also a major downtrend line forming at $55,200 on the hourly chart of the BTC/USD pair.
The trend line is near the 50% Fibonacci correction level of the downtrend from the $58,508 swing high to the $52,569 low. The first major resistance is near the $55,500 level. A clear break above the $55,500 resistance could see the price move higher in the coming sessions.
The next major resistance could be $56,200. A close above the $56,200 resistance level could lead to further upside. If so, the price could rise and test the $57,500 resistance level.
Bitcoin Another Downtrend?
If Bitcoin fails to break above the $55,500 resistance zone, another downtrend could begin. Immediate support for the downtrend is near the $54,000 level.
The first major support is at $53,200. The next support is now near the $52,500 area. If there is further loss, the price could move towards the $51,800 support in the short term.
Technical indicators:
Hourly MACD – The MACD is currently losing momentum in a bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
Key support levels – $54,000, then $53,200.
Key resistance levels – $55,200 and $55,500.