Bitcoin Price Holds Ground But Risk of Pullback Keeps Rising

Bitcoin price failed again to clear the $53,000 resistance. BTC is now back below $52,000 and there are chances of a downside break below the $50,500 support.

• Bitcoin price is struggling to clear the $52,000 resistance zone.
• The price is trading below $52,000 and the 100 hourly Simple moving average.
• There is a connecting bearish trend line forming with resistance at $51,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could gain bearish momentum if there is a move below the $50,500 support.

Bitcoin Price Dips Again

Bitcoin price failed to start a fresh increase above the $52,200 resistance zone. BTC settled below $52,000 and slowly moved lower. There was a drop below the $51,500 level.

The price even revisited the $50,500 support zone. A low was formed at $50,636 and the price is now attempting a recovery wave. There was a move above the $51,000 level. The price spiked toward the 50% Fib retracement level of the downward move from the $52,991 swing high to the $50,636 low.

Bitcoin is now trading below $52,000 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance at $51,550 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $51,550 level. The next key resistance could be $51,800, above which the price could rise toward the $52,500 resistance zone. It is near the 76.4% Fib retracement level of the downward move from the $52,991 swing high to the $50,636 low.

Source: BTCUSD on TradingView.com

The main resistance is now near the $53,000 level. A clear move above the $53,000 resistance could send the price toward the $53,500 resistance. The next resistance could be near the $54,200 level.

More Losses In BTC?

If Bitcoin fails to rise above the $52,000 resistance zone, it could start another decline in the near term. Immediate support on the downside is near the $51,100 level.

The first major support is $50,500. If there is a close below $50,500, the price could gain bearish momentum. In the stated case, the price could decline toward the $49,200 support zone, below which the price might turn bearish in the short term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

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

Major Support Levels – $51,100, followed by $50,500.

Major Resistance Levels – $51,550, $51,800, and $52,500.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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• Source: https://www.newsbtc.com/analysis/btc/bitcoin-price-holds-ground-50500/