Bitcoin Struggles to Clear Resistance Zone
The price of Bitcoin is facing challenges in surpassing the $52,800 resistance zone. It is currently trading below $52,200 and the 100 hourly Simple Moving Average (SMA).
Bullish Trend Line Break
On the hourly chart of the BTC/USD pair, a key bullish trend line with support at $52,200 was broken. This indicates a potential reversal in the price movement.
Possible Fresh Increase
Unless there is a clear move below the $50,500 support level, the pair could initiate a fresh increase in the near future.
Bitcoin Price Faces Hurdles
Bitcoin’s price made another attempt to break above the $52,000 resistance zone. Although it surpassed the $52,200 level, it encountered resistance near $52,500.
The price has now started correcting gains and dropped below $52,000. Additionally, it is trading below the 100 hourly SMA.
Immediate resistance lies near the $52,000 level. If the price manages to surpass this level, it could rise towards the $52,500 resistance zone. The main resistance remains at $52,800.
Potential Losses in BTC
If Bitcoin fails to overcome the $52,200 resistance zone, it may experience another decline in the short term. The initial support on the downside is around $51,300 and the 61.8% Fib retracement level.
A close below $51,000 could trigger bearish momentum and lead to a decline towards the $50,500 support zone. This would indicate a short-term bearish trend.
Technical indicators show that the MACD is in the bearish zone and the RSI for BTC/USD is below 50.
Disclaimer: This is a guest post. The information provided is not investment advice. Do your own research before making any investment decisions.
Hot Take: Bitcoin Struggles to Break Resistance, Potential for Further Decline
The price of Bitcoin is facing significant hurdles in surpassing key resistance levels. It recently broke a bullish trend line and is now trading below important moving averages. Unless there is a strong move above the resistance zone, there is a possibility of further losses in the near future. Traders should closely monitor support levels and technical indicators for potential trading opportunities.
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