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Home»EXCHANGE NEWS»Bitcoin Price Accumulation – Withdrawal Risk Widens Below $52K
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Bitcoin Price Accumulation – Withdrawal Risk Widens Below $52K

By Crypto FlexsFebruary 23, 20243 Mins Read
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Bitcoin Price Accumulation – Withdrawal Risk Widens Below K
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Bitcoin price is struggling to break above the $52,000 resistance level. BTC is now at risk of a downside breakout below the $50,500 support area.

  • Bitcoin price is struggling to break the $52,000 resistance zone.
  • The price is trading below $51,800 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) shows a bearish flag forming with support at $51,120.
  • A break below the $50,500 support could start a major downtrend for the currency pair.

Bitcoin price is struggling below $52,000.

Bitcoin price remained in a short-term negative zone below the $52,200 resistance zone. BTC stabilized below $51,800 and slowly declined. It fell below the $51,200 level before recovering slightly.

The price recovered a few points above the $51,500 level. There was a move above the 50% Fib retracement level of the downward wave from the $52,990 swing high to the $50,636 low. However, the bears remained active near the $52,000 resistance zone.

Bitcoin is currently trading below $51,800 and the 100-hour simple moving average. There is also a bearish flag with support at $51,120 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $51,800 level. The next major resistance could be $52,000, above which the price may rise towards the $52,500 resistance area. It is near the 76.4% Fib retracement level of the bearish wave from the $52,990 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.

What are the downsides of BTC?

If Bitcoin fails to rise above the $51,800 resistance zone, another near-term decline could begin. Immediate support for the downside is near the $51,100 level and the channel trendline.

The first major support is $50,550. If it closes below $50,550, the price could begin a significant decline. If indicated, the price may decline towards the $49,500 support zone, below which it may test $49,200.

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 below the 50 level.

Key support levels – $51,100, then $50,550.

Key resistance levels – $51,800, $52,000 and $52,500.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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