NewsBTC
2024-02-23 03:04:38

Bitcoin Price Accumulation – Risk of Pullback Escalates Below $52K

Bitcoin price is struggling to rise above the $52,000 resistance. BTC is now at risk of a downside break below the $50,500 support zone. Bitcoin price is struggling to clear the $52,000 resistance zone. The price is trading below $51,800 and the 100 hourly Simple moving average. There is a bearish flag forming with support at $51,120 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a major pullback if there is a move below the $50,500 support. Bitcoin Price Struggles Below $52K Bitcoin price remained in a short-term negative zone below the $52,200 resistance zone. BTC settled below $51,800 and slowly moved lower. There was a drop below the $51,200 level before there was a minor recovery. The price recovered a few points above the $51,500 level. There was a move above the 50% Fib retracement level of the downward wave from the $52,990 swing high to the $50,636 low. However, the bears were active near the $52,000 resistance zone. Bitcoin is now trading below $51,800 and the 100 hourly Simple moving average. There is also a bearish flag forming with support at $51,120 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $51,800 level. The next key resistance could be $52,000, above which the price could rise toward the $52,500 resistance zone. It is near the 76.4% Fib retracement level of the downward wave from the $52,990 swing high to the $50,636 low. Source: BTCUSD on TradingView.com 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. Downside Break In BTC? If Bitcoin fails to rise above the $51,800 resistance zone, it could start another decline in the near term. Immediate support on the downside is near the $51,100 level and the channel trend line. The first major support is $50,550. If there is a close below $50,550, the price could start a decent pullback. In the stated case, the price could decline toward the $49,500 support zone, below which the price might even test $49,200. 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 – $51,100, followed by $50,550. Major Resistance Levels – $51,800, $52,000, and $52,500.