- Bitcoin price started a fresh decline from the $59,000 resistance against the US Dollar.
- The price is now trading below $52,000 and the 55 simple moving average (4-hours).
- There is a major bearish trend line with resistance near $52,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could resume decline if it fails to clear the $52,000 resistance zone.
Bitcoin price is struggling below $52,000 against the US Dollar. BTC might decline heavily if there is no clear break above the $52,000 resistance zone.
Bitcoin Price Analysis
Bitcoin price started a major decline from the $60,000 resistance zone. BTC traded below the $55,000 and $52,000 support levels to move into a bearish zone.
The price even broke the $50,000 support zone and the 55 simple moving average (4-hours). Finally, there was a spike below the $45,000 level. A low was formed near $42,333 and recently there was an upside correction. There was a break above the $45,000 and $47,000 resistance levels.
There was a break above the 23.6% Fib retracement level of the downward move from the $59,118 swing high to $42,333 low. It is now trading above $50,000, but it is below the 55 simple moving average (4-hours).
On the upside, an initial resistance is near the $50,850 level. It is near the 50% Fib retracement level of the downward move from the $59,118 swing high to $42,333 low. There is also a major bearish trend line with resistance near $52,000 on the 4-hours chart of the BTC/USD pair.
The main resistance is forming near the $52,000 zone. A close above the $52,000 zone is needed for a fresh increase. In the stated case, the price is likely to rise steadily and might even surpass the $55,000 level.
An immediate support on the downside is near the $50,000 level. The next key support is near the $49,600 level. If the price fails to stay above $49,600, it could extend losses in the near term. The next major support sits near $47,000, below which there is a risk of a move towards the $45,000 level.
Looking at the chart, bitcoin price is clearly trading above $52,000 and the 55 simple moving average (4-hours). Overall, the price could resume decline if it fails to clear the $52,000 resistance zone.
Technical indicators
4 hours MACD – The MACD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is just above the 50 level.
Key Support Levels – $49,600 and $47,000.
Key Resistance Levels – $50,850, $52,000 and $55,000.
