Bitcoin price is struggling to rise above the $52,000 resistance. BTC is now at risk of a downside break below the $50,500 support zone.
- Bitcoin price is struggling to clear the $52,000 resistance zone.
- The price is trading below $51,800 and the 100 hourly Simple moving average.
- There is a bearish flag forming with support at $51,120 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a major pullback if there is a move below the $50,500 support.
Bitcoin Price Struggles Below $52K
Bitcoin price remained in a short-term negative zone below the $52,200 resistance zone. BTC settled below $51,800 and slowly moved lower. There was a drop below the $51,200 level before there was a minor recovery.
The price recovered a few points above the $51,500 level. There was a move above the 50% Fib retracement level of the downward wave from the $52,990 swing high to the $50,636 low. However, the bears were active near the $52,000 resistance zone.Bitcoin is now trading below $51,800 and the 100 hourly Simple moving average. There is also a bearish flag forming with support at $51,120 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $51,800 level. The next key resistance could be $52,000, above which the price could rise toward the $52,500 resistance zone. It is near the 76.4% Fib retracement level of the downward wave from the $52,990 swing high to the $50,636 low.
