Analysis

Bitcoin Price Sits In Range With Sharp Moves, $50K Is The Key

Bitcoin value spiked towards the $53,200 resistance. BTC is buying and selling in a serious vary and nonetheless holding positive aspects above the $50,000 assist zone.

  • Bitcoin value is struggling to clear the $52,500 resistance zone.
  • The value is buying and selling under $52,400 and the 100 hourly Easy transferring common.
  • There’s a connecting bearish development line forming with resistance at $52,300 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may dip towards the $51,600 assist earlier than it makes an attempt a contemporary enhance.

Bitcoin Value Holds Floor

Bitcoin value made one other try to realize energy above the $52,200 resistance zone. BTC broke the $52,500 stage and even spiked above $52,800. Nonetheless, the bears have been lively close to the $53,000 stage.

A brand new multi-week excessive was fashioned close to $52,991 and the worth dived towards $50,500. A low was fashioned at $50,663 and the worth is now trying a contemporary enhance. There was a transfer above the $51,600 stage. The value climbed above the 50% Fib retracement stage of the downward transfer from the $52,991 swing excessive to the $50,663 low.

Bitcoin is now buying and selling under $52,400 and the 100 hourly Easy transferring common. There’s additionally a connecting bearish development line forming with resistance at $52,300 on the hourly chart of the BTC/USD pair.

Instant resistance is close to the $52,200 stage. The subsequent key resistance might be $52,400 or the development line or the 76.4% Fib retracement stage of the downward transfer from the $52,991 swing excessive to the $50,663 low, above which the worth may rise towards the $52,800 resistance zone.

Bitcoin Price

Supply: BTCUSD on TradingView.com

The principle resistance is now close to the $53,000 stage. A transparent transfer above the $53,000 resistance may ship the worth towards the $53,500 resistance. The subsequent resistance might be close to the $54,200 stage.

One other Drop In BTC?

If Bitcoin fails to rise above the $52,400 resistance zone, it may begin one other decline within the close to time period. Instant assist on the draw back is close to the $51,600 stage.

The primary main assist is $51,200. If there’s a shut under $51,200, the worth may acquire bearish momentum. Within the acknowledged case, the worth may decline towards the $50,500 assist zone, under which the worth may flip bearish within the brief time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 stage.

Main Help Ranges – $51,600, adopted by $51,200.

Main Resistance Ranges – $52,200, $52,400, and $52,800.

Disclaimer: The article is offered for instructional functions solely. It doesn’t characterize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your individual analysis earlier than making any funding choices. Use data offered on this web site solely at your individual threat.

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