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Home»EXCHANGE NEWS»Is a Bitcoin price rebound at risk? Translate major obstacles into more advantages
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Is a Bitcoin price rebound at risk? Translate major obstacles into more advantages

By Crypto FlexsFebruary 19, 20243 Mins Read
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Is a Bitcoin price rebound at risk?  Translate major obstacles into more advantages
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Bitcoin price is attempting a new rise above the $52,000 resistance level. For BTC to continue moving higher in the near term, the resistance at $52,800 needs to be cleared.

  • Bitcoin price is rising above the $52,800 resistance level.
  • The price is trading above $52,000 and the 100-hour simple moving average.
  • On the hourly chart of the BTC/USD pair (data feed from Kraken), a breakout occurred above the main bearish trendline with resistance at $51,880.
  • A break above the $52,800 resistance area could continue the rise.

Bitcoin price gains more

Bitcoin price began a downward correction at the $52,800 resistance zone. BTC corrected below the $52,000 and $51,500 levels. However, the bulls remained active above the $50,500 area.

A low was made near $50,581 and the price is currently attempting a new rise. There was movement above the $51,200 and $51,500 resistance levels. Price cleared the 50% Fib retracement level of the downward move from the $52,843 swing high to the $50,581 low.

Moreover, on the hourly chart of the BTC/USD pair, it broke the key bearish trend line at the resistance level of $51,880. Bitcoin is currently trading above $52,000 and the 100-hour simple moving average.

Source: TradingView.com BTCUSD

Immediate resistance is near the $52,300 level. It is close to the 76.4% Fib retracement level of the downward move from the $52,843 swing high to the $50,581 low. The next major resistance level could be $52,800, above which the price could continue its upward trend. The next stop for the bulls could possibly be $53,200. A clear break above the $53,200 resistance level could push the price towards the $54,000 resistance level. The next resistance could be near the $55,000 level.

Another drop in BTC?

If Bitcoin fails to rise above the $52,300 resistance zone, another near-term downward correction could begin. Immediate support for the downside is near the $51,850 level and trend line.

The first major support is $51,300. The price could gain bearish momentum if it closes below $51,300. If indicated, the price may decline towards the $50,500 support area.

Technical indicators:

Hourly MACD – MACD is now picking up speed in bullish territory.

Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.

Key support levels – $51,850, then $51,300.

Key resistance levels – $52,300, $52,800 and $54,000.

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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