Bitcoin

Resistance

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. 
<ul> 
 <li>Bitcoin price is struggling to clear the $52,500 resistance zone.</li> 
 <li>The price is trading below $52,400 and the 100 hourly Simple moving average.</li> 
 <li>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).</li> 
 <li>The pair could dip toward the $51,600 support before it attempts a fresh increase.</li> 
</ul> 
<h2 id="bitcoin-price-holds-ground">Bitcoin Price Holds Ground</h2> 
Bitcoin price made another attempt to gain strength above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-52500/" target="_blank" rel="noopener ">$52,200 resistance zone</a>. 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 <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rally-52800/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. 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. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_e7750a.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-576092" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_e7750a.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_e7750a.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_e7750a.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_e7750a.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_e7750a.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_e7750a.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_e7750a.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_e7750a.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> 
The main resistance is now near the $53,000 level. A clear move above the $53,000 resistance could send the price toward the $53,500 resistance. The next resistance could be near the $54,200 level. 
<h2 id="another-drop-in-btc">Another Drop In BTC?</h2> 
If Bitcoin fails to rise above the $52,400 resistance zone, it could start another decline in the near term. Immediate support on the downside is near the $51,600 level. 
The first major support is $51,200. If there is a close below $51,200, 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 above the 50 level. 
Major Support Levels – $51,600, followed by $51,200. 
Major Resistance Levels – $52,200, $52,400, and $52,800.

Bitcoin Price Sits In Range With Sharp Moves, $50K Is The Key

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