Bitcoin Struggles to Break $52K Resistance
The price of Bitcoin is currently facing challenges in clearing the $52,000 resistance zone. It is trading below $51,800 and the 100 hourly Simple Moving Average (SMA). On the hourly chart of the BTC/USD pair, a bearish flag is forming with support at $51,120. If the price drops below the $50,500 support level, a significant pullback could occur.
Bitcoin Price Struggles Below $52K
Bitcoin’s price has remained in a short-term negative zone below the $52,200 resistance. It has settled below $51,800 and has slowly declined. Although there was a minor recovery above the $51,500 level, bears were active near the $52,000 resistance zone.
The current trading situation shows that Bitcoin is below $51,800 and the 100 hourly SMA. Additionally, a bearish flag is forming with support at $51,120 on the BTC/USD pair’s hourly chart.
The immediate resistance level is around $51,800, and if surpassed, the next key resistance could be at $52,000. Breaking this level may lead to a rise towards the $52,500 resistance zone.
Downside Break In BTC?
If Bitcoin fails to rise above the $51,800 resistance zone, it might experience another decline in the near future. The immediate support on the downside is near the $51,100 level and the channel trend line.
The first major support lies at $50,550. If this support is breached and there is a close below it, a decent pullback could ensue. In such a scenario, the price may decline towards the $49,500 support zone, and potentially test $49,200.
Technical indicators show that the MACD is gaining pace in the bearish zone, while the RSI for BTC/USD is below the 50 level.
Major support levels to watch are $51,100 and $50,550, while major resistance levels are $51,800, $52,000, and $52,500.
Hot Take: Bitcoin’s Struggle to Break Resistance
The price of Bitcoin has been struggling to break the key resistance level at $52,000. Despite some minor recovery attempts, it remains below this level and is trading below both the $51,800 mark and the 100 hourly Simple Moving Average (SMA). A bearish flag pattern has formed with support at $51,120. If the price fails to overcome the resistance and drops below the support level of $50,500, a significant pullback could occur. Traders should closely monitor these levels as they indicate potential trends for Bitcoin’s price in the near term.
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