Bitcoin Struggles to Break Resistance
The price of Bitcoin is facing difficulty in surpassing the $52,500 resistance zone. Currently, it is trading below $52,400 and the 100 hourly Simple Moving Average. On the BTC/USD hourly chart, there is a bearish trend line forming with resistance at $52,300.
Possible Dip Before a Rise
Before attempting a fresh increase, it is likely that the pair could dip towards the $51,600 support level.
Bitcoin Price Holds Ground
Bitcoin made an effort to gain strength above the $52,200 resistance zone, reaching above $52,800. However, it faced resistance near $53,000 and dropped to $50,500 before rebounding. The price is now aiming for another increase.
Resistance and Potential Rise
The immediate resistance lies around $52,200. If surpassed, the price may rise towards the $52,400 level or even reach the 76.4% Fib retracement level at $52,800.
Source: BTCUSD on TradingView.com
Another Drop In BTC?
If Bitcoin fails to break above the $52,400 resistance zone, there could be another decline. The immediate support lies at $51,600. Further down lies the major support level at $51,200.
Bearish Momentum
A close below $51,200 could result in bearish momentum and a potential drop towards the $50,500 support zone.
Technical Indicators
The MACD is currently in the bearish zone, while the RSI for BTC/USD is above the 50 level.
Major Support Levels – $51,600, followed by $51,200.
Major Resistance Levels – $52,200, $52,400, and $52,800.
Hot Take: Bitcoin Struggles to Break Resistance
The price of Bitcoin is facing challenges in surpassing the $52,500 resistance zone. It made an attempt to break through but faced resistance near $53,000. If it fails to overcome the current resistance levels, there could be another decline in the near future. However, if the price manages to break above the resistance levels, it may experience a rise towards higher levels of resistance.
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