More

    Bitcoin Revisits $50K, Why BTC Could Still Struggle Near $51K

    Bitcoin price started a strong recovery from $53,000 against the US Dollar. BTC tested $50,000 and it could face a strong selling interest near $51K and $52K.
    Bitcoin started a decent upward move above the $48,000 resistance zone.
    The price is now trading well above $48,000 and the 100 hourly simple moving average.
    There was a break above a major contracting triangle with resistance near $47,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair could climb above $50,000 again, but it is likely to face sellers near $51,000 and $52,000.
    Bitcoin Price is Recovering Losses
    After testing the $43,000 zone, bitcoin started a decent recovery wave. BTC cleared the $45,000 and $46,500 resistance levels. The bulls gained strength, resulting in a move above the $47,000 level and the 100 hourly simple moving average.
    There was also a break above a major contracting triangle with resistance near $47,500 on the hourly chart of the BTC/USD pair. The pair broke the $48,000 resistance and it even spiked above the $50,000 level.

    Source: BTCUSD on TradingView.com
    A high is formed near $50,190 and the price is currently consolidating gains. An initial support is near the $48,500 level. It is close to the 23.6% Fib retracement level of the recent wave from the $43,064 low to $50,190 high.
    On the upside, the price is likely to face a strong resistance near the $51,000 and $52,000 levels. A successful daily close above the $52,000 level is must for upside continuation. In the stated case, bitcoin price might revisit the $55,000 resistance in the near term.
    Fresh Dip in BTC?
    If bitcoin fails to continue higher above the $50,000 and $51,000 resistance levels, there could be a fresh decline. The first key support on the downside is near the $48,000 level.
    The next major support is near the $46,500 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the recent wave from the $43,064 low to $50,190 high. If the bulls fail to protect the $46,500 support zone, there is a risk of a sharp decline towards the $43,000 support zone.
    Technical indicators:
    Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.
    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
    Major Support Levels – $48,000, followed by $46,500.
    Major Resistance Levels – $50,000, $51,000 and $52,000.

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Newsletter

    Subscribe to stay updated.

    bitcoin
    Bitcoin (BTC) $ 64,043.00
    ethereum
    Ethereum (ETH) $ 2,374.43
    binance-coin
    Binance Coin (BNB) $ 565.60
    xrp
    XRP (XRP) $ 1.78
    tether
    Tether (USDT) $ 1.00
    cardano
    Cardano (ADA) $ 1.43
    polkadot
    Polkadot (DOT) $ 41.87
    uniswap
    Uniswap (UNI) $ 34.62
    litecoin
    Litecoin (LTC) $ 266.62
    dogecoin
    Dogecoin (DOGE) $ 0.132301
    chainlink
    Chainlink (LINK) $ 36.68
    bitcoin-cash
    Bitcoin Cash (BCH) $ 788.33
    stellar
    Stellar (XLM) $ 0.623769
    theta-token
    Theta Network (THETA) $ 12.13
    filecoin
    Filecoin (FIL) $ 170.80
    usd-coin
    USD Coin (USDC) $ 0.999600
    vechain
    VeChain (VET) $ 0.164947
    tron
    TRON (TRX) $ 0.139349
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 64,084.00
    eos
    EOS (EOS) $ 7.44
    klay-token
    Klaytn (KLAY) $ 2.69
    solana
    Solana (SOL) $ 25.96
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.248451
    terra-luna
    Terra (LUNA) $ 15.83
    compound-ether
    cETH (CETH) $ 47.51
    iota
    IOTA (MIOTA) $ 2.07
    cosmos
    Cosmos (ATOM) $ 24.01
    monero
    Monero (XMR) $ 321.77
    okb
    OKB (OKB) $ 21.04
    bitcoin-sv
    Bitcoin SV (BSV) $ 293.51
    binance-usd
    Binance USD (BUSD) $ 0.997782
    bittorrent-2
    BitTorrent (BTT) $ 0.008072
    aave
    Aave (AAVE) $ 405.01
    ftx-token
    FTX Token (FTT) $ 56.63
    tezos
    Tezos (XTZ) $ 6.44
    neo
    NEO (NEO) $ 66.50
    avalanche-2
    Avalanche (AVAX) $ 35.67
    kusama
    Kusama (KSM) $ 461.55
    compound-usd-coin
    cUSDC (CUSDC) $ 0.021888
    elrond-erd-2
    Elrond (EGLD) $ 231.12
    algorand
    Algorand (ALGO) $ 1.47
    nem
    NEM (XEM) $ 0.417731
    huobi-token
    Huobi Token (HT) $ 20.80
    pancakeswap-token
    PancakeSwap (CAKE) $ 23.57
    thorchain
    THORChain (RUNE) $ 15.17
    cdai
    cDAI (CDAI) $ 0.021366
    holotoken
    Holo (HOT) $ 0.018200
    dai
    Dai (DAI) $ 0.999437
    hedera-hashgraph
    Hedera Hashgraph (HBAR) $ 0.380488
    dash
    Dash (DASH) $ 299.02