Bitcoin Struggles to Break Resistance at $52,000
Bitcoin price is facing difficulty in surpassing the crucial $52,000 resistance zone. The price is currently trading below both the $52,000 level and the 100-hourly Simple Moving Average. On the hourly chart of the BTC/USD pair, there is a bearish trend line forming with resistance at $51,550. If the price fails to hold above the $50,500 support level, it could gain bearish momentum.
Bitcoin Price Dips Again
Despite attempts to break above the $52,200 resistance zone, Bitcoinโs price failed and declined. It settled below $52,000 and experienced a gradual decrease. The price even revisited the $50,500 support zone and formed a low at $50,636. However, there are signs of a recovery as Bitcoin has moved above the $51,000 level and spiked towards the 50% Fib retracement level.
Currently, Bitcoin is trading below $52,000 and the 100-hourly Simple Moving Average. Additionally, a bearish trend line is forming with resistance at $51,550 on the BTC/USD pairโs hourly chart.
Possible Resistance Levels for Bitcoin
The immediate resistance for Bitcoin lies near the $51,550 level. If it manages to break this level, the next key resistance could be at $51,800. A successful move above this level might push the price towards the $52,500 resistance zone. The main resistance is expected near $53,000.
More Losses in BTC?
If Bitcoin fails to overcome the resistance at $52,000, it may experience another decline in the near future. The initial support on the downside is around $51,100, followed by the major support at $50,500. A close below $50,500 could lead to bearish momentum and a potential decline towards the $49,200 support zone.
Technical indicators:
- Hourly MACD โ The MACD is currently showing bearish momentum.
- Hourly RSI (Relative Strength Index) โ The RSI for BTC/USD is above the 50 level.
Major Support Levels โ $51,100, followed by $50,500.
Major Resistance Levels โ $51,550, $51,800, and $52,500.
Hot Take: Bitcoinโs Struggle Continues
Bitcoin continues to face challenges in breaking through the key resistance at $52,000. Despite attempts to recover, the price remains below this level and the 100-hourly Simple Moving Average. If Bitcoin fails to gain momentum and breaks below the support at $50,500, it could experience further losses in the short term. Keep a close eye on the resistance levels at $51,550 and $51,800 as they may determine Bitcoinโs next move. Technical indicators suggest a bearish outlook for now.
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