Bitcoin price spiked towards the resistance at $53,200. BTC is trading within a wide range and still holding gains above the $50,000 support zone.
- Bitcoin price is struggling to break the USD 52,500 resistance zone.
- The price is trading below $52,400 and the 100 hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $52,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could drop towards the $51,600 support before attempting another rise.
Bitcoin price holds steady
Bitcoin price once again made an attempt to gain strength above the USD 52,200 resistance zone. BTC broke the USD 52,500 level and even peaked above USD 52,800. However, the bears were active around the $53,000 level.
A new multi-week high was formed around $52,991 and the price fell towards $50,500. A low was formed at $50,663 and the price is now trying to make a new increase. There was a move above the USD 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. A connecting bearish trendline is also forming with resistance at $52,300 on the hourly chart of the BTC/USD pair.
The immediate resistance is near the $52,200 level. The next major resistance could be $52,400, or the trendline or 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 towards the $52,800 resistance zone.
Source: BTCUSD on TradingView.com
The main resistance is now near the USD 53,000 level. A clear move above the USD 53,000 resistance could send the price towards the USD 53,500 resistance. The next resistance could be near the $54,200 level.
Another drop in BTC?
If Bitcoin fails to rise above the USD 52,400 resistance zone, it could trigger another decline in the near term. The immediate downside support is near the $51,600 level.
The first major support is at $51,200. If there is a close below $51,200, the price may gain bearish momentum. In the said case, the price could decline towards the USD 50,500 support zone, below which the price could turn bearish in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 51,600, followed by USD 51,200.
Major resistance levels – $52,200, $52,400 and $52,800.
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