HomeBitcoin NewsBitcoin Price Analysis: BTC Could Recover If It Clears $50k

Bitcoin Price Analysis: BTC Could Recover If It Clears $50k

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  • Bitcoin price started a fresh decline from the $52,000 resistance against the US Dollar.
  • The price is now trading below $50,000 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line with resistance near $49,000 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 $50,000 resistance zone.

Bitcoin price is struggling below $50,000 against the US Dollar. BTC might decline heavily if there is no clear break above the $50,000 resistance zone.

Bitcoin Price Analysis

Bitcoin price started a fresh decline from the $52,000 resistance zone. BTC traded below the $50,000 and $50,000 support levels to move again into a bearish zone.

Earlier, the price recovered losses from the $42,350 support zone. It climbed above the 23.6% Fib retracement level of the downward move from the $59,120 swing high to $42,332 low. There was also a move above the $50,000 level and the 55 simple moving average (4-hours).

Finally, there was a spike above the $51,000 level. However, the bulls struggled to gain strength above the $52,000 zone. The 50% Fib retracement level of the downward move from the $59,120 swing high to $42,332 low also acted as a resistance.

On the upside, an initial resistance is near the $48,500 level. There is also a major bearish trend line with resistance near $49,000 on the 4-hours chart of the BTC/USD pair.

The main resistance is forming near the $50,000 zone. A close above the $50,000 zone is needed for a fresh increase. In the stated case, the price is likely to rise steadily and might even surpass the $52,000 level.

An immediate support on the downside is near the $47,500 level. The next key support is near the $46,000 level. If the price fails to stay above $46,000, it could extend losses in the near term. The next major support sits near $45,000, below which there is a risk of a move towards the $42,500 level.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin price is clearly trading below $50,000 and the 55 simple moving average (4-hours). Overall, the price could resume decline if it fails to clear the $50,000 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 near the 50 level.

Key Support Levels – $47,500 and $46,000.

Key Resistance Levels – $48,500, $49,000 and $50,000.

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Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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