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Home»EXCHANGE NEWS»Will Bitcoin price remain range-bound while ETH surges, and will there be more downside ahead?
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Will Bitcoin price remain range-bound while ETH surges, and will there be more downside ahead?

By Crypto FlexsFebruary 26, 20243 Mins Read
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Will Bitcoin price remain range-bound while ETH surges, and will there be more downside ahead?
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Bitcoin price is struggling to clear resistance at $52,000. If BTC breaks the $50,500 support zone, it could begin a significant downward correction.

  • Bitcoin price is still struggling to break the $52,000 resistance zone.
  • The price is trading below $51,600 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 connecting bullish trendline with support at $51,500.
  • The pair may extend its current downtrend and revisit the $50,500 support level.

Bitcoin price faces resistance at $52,000

Bitcoin price retested the $50,500 support zone and even surged to $50,400. However, the bulls remained active near $50,450. A low was formed at $50,456 and the price recovered above $51,200.

The bears are currently defending against an upside breakout above the $52,000 resistance area. The high was reached at $51,936 and the price is currently falling. On the hourly chart of the BTC/USD pair, a break occurred below the connecting bullish trendline with support at $51,500.

The break occurred below the 23.6% Fib retracement level of the rise from the $50,456 swing low to the $51,936 high. Bitcoin is currently trading below $51,600 and the 100-hour simple moving average.

Source: TradingView.com BTCUSD

Immediate resistance is near the $51,600 level. The next major resistance could be $52,000, above which the price may rise towards the $52,500 resistance area. 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 $51,600 resistance zone, it could begin another near-term downtrend. Immediate support on the downside is near the $51,300 level and 100-hourly SMA.

The first major support is the 50% Fib retracement level at $51,100 or the rise from the $50,456 swing low to the $51,936 high. If it closes below $51,100, the price could begin a significant downtrend. If indicated, the price may decline towards the $50,500 support zone, below which the price may test the $50,000 level.

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 – $51,100, then $50,500.

Key resistance levels – $51,600, $51,800 and $52,000.

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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