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Bitcoin value is struggling to rise above the $52,000 resistance. BTC is now in danger of a draw back break beneath the $50,500 assist zone.

• Bitcoin value is struggling to clear the $52,000 resistance zone.
• The value is buying and selling beneath $51,800 and the 100 hourly Simple shifting common.
• There is a bearish flag forming with assist at $51,120 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might begin a significant pullback if there’s a transfer beneath the $50,500 assist.

Bitcoin Price Struggles Below $52K

Bitcoin value remained in a short-term destructive zone beneath the $52,200 resistance zone. BTC settled beneath $51,800 and slowly moved decrease. There was a drop beneath the $51,200 stage earlier than there was a minor restoration.

The value recovered just a few factors above the $51,500 stage. There was a transfer above the 50% Fib retracement stage of the downward wave from the $52,990 swing excessive to the $50,636 low. However, the bears had been lively close to the $52,000 resistance zone.

Bitcoin is now buying and selling beneath $51,800 and the 100 hourly Simple moving average. There can also be a bearish flag forming with assist at $51,120 on the hourly chart of the BTC/USD pair.

Immediate resistance is close to the $51,800 stage. The subsequent key resistance could possibly be $52,000, above which the value might rise towards the $52,500 resistance zone. It is close to the 76.4% Fib retracement stage of the downward wave from the $52,990 swing excessive to the $50,636 low.

Source: BTCUSD on TradingView.com

The foremost resistance is now close to the $53,000 stage. A transparent transfer above the $53,000 resistance might ship the value towards the $53,500 resistance. The subsequent resistance could possibly be close to the $54,200 stage.

Downside Break In BTC?

If Bitcoin fails to rise above the $51,800 resistance zone, it might begin one other decline within the close to time period. Immediate assist on the draw back is close to the $51,100 stage and the channel pattern line.

The first main assist is $50,550. If there’s a shut beneath $50,550, the value might begin a good pullback. In the acknowledged case, the value might decline towards the $49,500 assist zone, beneath which the value may even check $49,200.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now beneath the 50 stage.

Major Support Levels – $51,100, adopted by $50,550.

Major Resistance Levels – $51,800, $52,000, and $52,500.

Disclaimer: The article is offered for academic functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You are suggested to conduct your individual analysis earlier than making any funding selections. Use data offered on this web site completely at your individual threat.