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Home»EXCHANGE NEWS»Bitcoin price remains stable, but downside risk continues to increase.
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Bitcoin price remains stable, but downside risk continues to increase.

By Crypto FlexsFebruary 22, 20243 Mins Read
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Bitcoin price remains stable, but downside risk continues to increase.
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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.

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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