Bitcoin price surged towards the $53,200 resistance level. BTC is trading in a key range and is still holding gains above the $50,000 support area.
- Bitcoin price is struggling to break the $52,500 resistance zone.
- The price is trading below $52,400 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 $52,300.
- The pair may decline towards the $51,600 support before attempting a new rally.
Bitcoin price is holding steady
Bitcoin price made another attempt to gain strength above the $52,200 resistance zone. BTC broke the $52,500 level and even surged above $52,800. However, the bears were actively trading near the $53,000 level.
A new multi-week high was formed near $52,991 before the price plummeted to $50,500. The lowest point was made at $50,663 and the price is currently attempting a new rise. There was a move above the $51,600 level. The price crossed the 50% Fib retracement level moving down from the $52,991 swing high to the $50,663 low.
Bitcoin is currently trading below $52,400 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 $52,300.
Immediate resistance is near the $52,200 level. The next major resistance could be $52,400 or the downward moving trend line from the $52,991 swing high to the $50,663 low or the 76.4% Fib retracement level, above which the price could rise towards the $52,800 resistance area.
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.
Another drop in BTC?
If Bitcoin fails to rise above the $52,400 resistance zone, another near-term decline could begin. Immediate support for the downside is near the $51,600 level.
The first major support is at $51,200. The price could gain bearish momentum if it closes below $51,200. If indicated, the price may decline towards the $50,500 support area, 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 – $51,600, then $51,200.
Key resistance levels – $52,200, $52,400 and $52,800.
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