Bitcoin price failed again to clear the $53,000 resistance. BTC is now back below $52,000 and there are chances of a downside break below the $50,500 support.
- Bitcoin price is struggling to clear the $52,000 resistance zone.
- The price is trading below $52,000 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $51,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bearish momentum if there is a move below the $50,500 support.
Bitcoin Price Dips Again
Bitcoin price failed to start a fresh increase above the $52,200 resistance zone. BTC settled below $52,000 and slowly moved lower. There was a drop below the $51,500 level.
The price even revisited the $50,500 support zone. A low was formed at $50,636 and the price is now attempting a recovery wave. There was a move above the $51,000 level. The price spiked toward the 50% Fib retracement level of the downward move from the $52,991 swing high to the $50,636 low.Bitcoin is now trading below $52,000 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance at $51,550 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $51,550 level. The next key resistance could be $51,800, above which the price could rise toward the $52,500 resistance zone. It is near the 76.4% Fib retracement level of the downward move from the $52,991 swing high to the $50,636 low.