Bitcoin price spiked toward the $53,200 resistance. BTC is trading in a major range and still holding gains above the $50,000 support zone.
- Bitcoin price is struggling to clear the $52,500 resistance zone.
- The price is trading below $52,400 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $52,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could dip toward the $51,600 support before it attempts a fresh increase.
Bitcoin Price Holds Ground
Bitcoin price made another attempt to gain strength above the $52,200 resistance zone. BTC broke the $52,500 level and even spiked above $52,800. However, the bears were active near the $53,000 level.
A new multi-week high was formed near $52,991 and the price dived toward $50,500. A low was formed at $50,663 and the price is now attempting a fresh increase. There was a move above the $51,600 level. The price climbed above the 50% Fib retracement level of the downward move from the $52,991 swing high to the $50,663 low.Bitcoin is now trading below $52,400 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance at $52,300 on the hourly chart of the BTC/USD pair.
Immediate resistance is near the $52,200 level. The next key resistance could be $52,400 or the trend line or the 76.4% Fib retracement level of the downward move from the $52,991 swing high to the $50,663 low, above which the price could rise toward the $52,800 resistance zone.
