Bitcoin Price Consolidates Near $50K, Why BTC Bulls Could Fail Near $52.5K

Bitcoin price extended its decline below the $50,000 support against the US Dollar. BTC is now consolidating losses and it remains at a risk of more downside below $48,000.

  • Bitcoin declined heavily below the $52,000 and $50,000 support levels.
  • The price is now trading well below $52,000 and the 100 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $52,800 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct losses, but it might face resistance near $52,000 and $52,500.

Bitcoin Price Turns Red

This past week, bitcoin price saw a steady decline from well above $60,000 against the US Dollar. The BTC/USD pair broke many important supports near $55,000 and $52,500 to move into a bearish zone.

The price even broke the $50,000 level and it settled below the 100 simple moving average (4-hours). It traded to a new weekly low at $47,511 before it started consolidating losses. There was a minor recovery above the $48,000 and $48,500 levels.

There was a recovery above the 23.6% Fib retracement level of the recent decline from the $57,597 high to $47,511 low. It is now consolidating near the $50,000 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

On the upside, the price is facing a major resistance near the $52,000 and $52,500 levels. There is also a key bearish trend line forming with resistance near $52,800 on the 4-hours chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the recent decline from the $57,597 high to $47,511 low.

A successful close above the $52,000 and $52,500 resistance levels could open the doors for a fresh increase in the coming sessions.

More Losses in BTC?

If bitcoin fails above the $52,000 level, there is a risk of more losses. The first major support is near the $48,200 and $58,000 levels.

The next major support is near the $57,500 level. Any more losses might call for a fresh drop towards the $46,000 support level. In the stated case, there are even chances of a drop towards the key $45,000 support zone in the near term.

Technical indicators

4 hours MACD – The MACD for BTC/USD is losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.

Major Support Level – $47,500

Major Resistance Level – $52,500

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on linkedin
LinkedIn

Follow Us

Most Popular

Get The Latest Updates

Subscribe To Our Weekly Newsletter

No spam, notifications only about new products, updates.
On Key

Related Posts

Bitcoin Price Prediction – Why did Bitcoin Price Crash?

The cryptocurrency market recently saw a huge spike in prices. Bitcoin, the leading cryptocurrency by market cap saw a rise of more than 10% in the past 7 days. Today on the other hand was a red day. The cryptocurrency market on an aggregate level lost around 4%. Most investors are already dreading their sudden

This Is Why Bitcoin Flash Crashed By 87% To $8,000 On Binance.US

Earlier today, the bitcoin price temporarily dove from $65,820 to a meager $8K on Binance.US, losing some mind-boggling 87% in value before making up those losses in the span of a single minute. Bitcoin Flash Crashes To $8K On Binance.US Bitcoin endured a violent correction on Thursday, but only for Binance’s exclusive United States cryptocurrency

Rich Dad Poor Dad Author Robert Kiyosaki Tells Why He Loves Bitcoin

Renowned Rich Dad Poor Dad author Kiyosaki loves bitcoin over fiat. Kiyosaki advocates for Bitcoin as a superior store of value to the dollar. Staggering debt will soon disqualify the dollar as a store of value. Robert Kiyosaki, the author of the famous book ‘Rich Dad Poor Dad’ says that he loves Bitcoin and distrusts