Bitcoin

Resistance

Bitcoin price is correcting gains from the $52,500 resistance. BTC must stay above the $50,500 support to remain in a bullish zone this month. 
<ul> 
 <li>Bitcoin price is struggling to clear the $52,800 resistance zone.</li> 
 <li>The price is trading below $52,200 and the 100 hourly Simple moving average.</li> 
 <li>There was a break below a key bullish trend line with support at $52,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could start a fresh increase unless there is a clear move below the $50,500 support.</li> 
</ul> 
<h2 id="bitcoin-price-faces-hurdles">Bitcoin Price Faces Hurdles</h2> 
Bitcoin price made another attempt to gain strength above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rally-52800/" target="_blank" rel="noopener ">$52,000 resistance zone</a>. BTC broke the $52,200 level, but the bears were still active near the $52,500 level. 
A high was formed near $52,475 and the price is now correcting <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-hold-strong-52k/" target="_blank" rel="noopener ">gains</a>. There was a move below the $52,000 level. The pair traded below the 50% Fib retracement level of the upward move from the $50,581 swing low to the $52,475 high. 
Besides, there was a break below a key bullish trend line with support at $52,200 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $52,000 and the 100 hourly Simple moving average. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_1fa24b.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-575921" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_1fa24b.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_1fa24b.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_1fa24b.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_1fa24b.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_1fa24b.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_1fa24b.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_1fa24b.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_1fa24b.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">BTCUSD on TradingView.com</a> 
Immediate resistance is near the $52,000 level. The next key resistance could be $52,200, above which the price could rise toward the $52,500 resistance zone. The main resistance is still near the $52,800 level. A clear move above the $52,800 resistance could send the price toward the $53,500 resistance. The next resistance could be near the $55,000 level. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $52,200 resistance zone, it could start another decline in the near term. Immediate support on the downside is near the $51,300 level and the 61.8% Fib retracement level of the upward move from the $50,581 swing low to the $52,475 high. 
The first major support is $51,000. If there is a close below $51,000, the price could gain bearish momentum. In the stated case, the price could decline toward the $50,500 support zone, below which the price might turn bearish in the short term. 
Technical indicators: 
Hourly MACD – The MACD is now gaining pace in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. 
Major Support Levels – $51,300, followed by $50,500. 
Major Resistance Levels – $52,200, $52,500, and $52,800.

Bitcoin Price Consolidates Below Resistance, Are Dips Still Supported?

Table of Contents

NewsBTC

Другие статьи, опубликованные 20 февр. 2024 г.

Investors Buying & Selling NFTs Pump +70% This Week – The NFT Summer Is Building Up

Starknet’s STRK Token Maintains $2 Billion Market Cap Through Volatile Start Near $5

Forbes Announces New Move in Partnership with This Metaverse Altcoin!

Ethereum’s Dencun readies for mainnet launch; investors explore new AI coin

Is ChatGPT Spying on You? Hackers Caught, Privacy Concerns Raised

Ethereum Receives Nod Of Approval From Berstein: ETH Price Will Reach $10,000

Join our free newsletter for daily crypto updates!