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.
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