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Home»EXCHANGE NEWS»Will Bitcoin price consolidate below resistance and still support the downside?
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Will Bitcoin price consolidate below resistance and still support the downside?

By Crypto FlexsFebruary 20, 20243 Mins Read
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Will Bitcoin price consolidate below resistance and still support the downside?
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Bitcoin price is correcting gains from $52,500 resistance. BTC will need to stay above the $50,500 support to remain in bullish territory this month.

  • Bitcoin price is struggling to break the $52,800 resistance zone.
  • The price is trading below $52,200 and the 100-hour simple moving average.
  • On the hourly chart of the BTC/USD pair (data feed from Kraken), a break has occurred below the main bullish trendline with support at $52,200.
  • With no apparent movement below the $50,500 support, the pair could start a fresh increase.

Bitcoin Price Faces Hurdles

Bitcoin price made another attempt to gain strength above the $52,000 resistance zone. BTC broke the $52,200 level, but bears were still active near the $52,500 level.

A high was made near $52,475 and the price is currently correcting an upward trend. There was a move below the $52,000 level. The pair traded below the 50% Fib retracement level rising from the $50,581 swing low to the $52,475 high.

Moreover, a break occurred below the main bullish trendline supporting $52,200 on the hourly chart of the BTC/USD pair. Bitcoin is currently trading below $52,000 and the 100-hour simple moving average.

Source: TradingView.com BTCUSD

Immediate resistance is near the $52,000 level. The next major resistance could be $52,200, above which the price may rise towards the $52,500 resistance zone. Key resistance is still near the $52,800 level. A clear break above the $52,800 resistance level could lead the price to move towards the $53,500 resistance level. The next resistance could be near the $55,000 level.

Will there be more losses in BTC?

If Bitcoin fails to rise above the $52,200 resistance zone, another near-term decline could begin. Immediate support for the bears is near the $51,300 level and the 61.8% Fib retracement level of the rise from the $50,581 swing low to the $52,475 high.

The first major support is $51,000. The price could gain bearish momentum if it closes below $51,000. 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 below the 50 level.

Key support levels – $51,300, then $50,500.

Key resistance levels – $52,200, $52,500 and $52,800.

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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