- BTC’s twice attempts failed to clear the resistance at $51,800 – $52,000.
- The currency has its price beneath $50K and 100Hr SMA.
- Kraken’s data feed shows a break under a vital bullish trend-line with support around $51.2K on BTC/USD hourly chart.
- The pair declines at the moment and might dive further under the support of $49,500 in the short term.
Bitcoin (BTC) failed to conquer the resistance level at $52,000. The leading coin started a massive drop, trading under the vital support of $50,000.
BTC Price Prints Bearish Pattern
BTC made another trial to overcome the resistance zone of around $51,800. The largest cryptocurrency surged to $52K, where bears stepped up. It appears like there’s a double top formation developing around the $52,000 mark.
The crypto formed a high neat $52,111 before the price ventured into a new decline. The downtrends had BTC breaking under the support levels at $51.2K and $50.5K. Also, the bellwether token broker is under a vital bullish trend-line with $51.2K support of BTC/USD’s one-hour chart.
The pair had its price movements beneath the 50% Fibonacci retracement area of the upside action from the $49,478 swing low to the peak of $52,111. For now, Bitcoin trades beneath the $50,000 support and 100Hr Simple Moving Average.
Furthermore, the world’s leading crypto is beneath the 76.4% Fibonacci retracement area of the upside move from the swing low of $49,478 to the $52,111 high. Bitcoin’s immediate support locates around the $49,500 mark.
Meanwhile, the first critical support is at $49,000. A decisive break beneath $49,000 might push BTC lower towards the support of $48,800. Further losses from here might see the crypto exploring the footing at $47,500.
Recovery in Bitcoin?
Bitcoin might kick-start a decent surge if it maintains beyond the $49,500 barrier. The pair’s closest upward resistance is around $50,000. The following crucial resistance might showcase at $50.8K and 100Hr SMA. A significant movement past this resistance may trigger new increases. Bulls might meet their next critical stop at $51,800.
BTC Technical Indicators
- MACD slowly gains momentum in the bearish area.
- BTC/USD’s hourly RSI is well under the 50 mark.
- Crucial support areas – $49.5K and $47.5K
- Critical resistance areas – $50K, $50.8K, and $51.8K
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