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Home Market & Analysis

Bitcoin Price Holds Ground But Risk of Pullback Keeps Rising

n70products by n70products
February 22, 2024
in Market & Analysis
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Bitcoin worth failed once more to clear the $53,000 resistance. BTC is now again beneath $52,000 and there are possibilities of a draw back break beneath the $50,500 assist.

  • Bitcoin worth is struggling to clear the $52,000 resistance zone.
  • The value is buying and selling beneath $52,000 and the 100 hourly Easy transferring common.
  • There’s a connecting bearish development line forming with resistance at $51,550 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair might achieve bearish momentum if there’s a transfer beneath the $50,500 assist.

Bitcoin Value Dips Once more

Bitcoin worth failed to begin a recent enhance above the $52,200 resistance zone. BTC settled beneath $52,000 and slowly moved decrease. There was a drop beneath the $51,500 stage.

The value even revisited the $50,500 assist zone. A low was shaped at $50,636 and the value is now trying a restoration wave. There was a transfer above the $51,000 stage. The value spiked towards the 50% Fib retracement stage of the downward transfer from the $52,991 swing excessive to the $50,636 low.

Bitcoin is now buying and selling beneath $52,000 and the 100 hourly Simple moving average. There’s additionally a connecting bearish development line forming with resistance at $51,550 on the hourly chart of the BTC/USD pair.

Fast resistance is close to the $51,550 stage. The subsequent key resistance may very well be $51,800, above which the value might rise towards the $52,500 resistance zone. It’s close to the 76.4% Fib retracement stage of the downward transfer from the $52,991 swing excessive to the $50,636 low.

Bitcoin Price

Supply: BTCUSD on TradingView.com

The primary 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 may very well be close to the $54,200 stage.

Extra Losses In BTC?

If Bitcoin fails to rise above the $52,000 resistance zone, it might begin one other decline within the close to time period. Fast assist on the draw back is close to the $51,100 stage.

The primary main assist is $50,500. If there’s a shut beneath $50,500, the value might achieve bearish momentum. Within the acknowledged case, the value might decline towards the $49,200 assist zone, beneath which the value may flip bearish within the brief time period.

Technical indicators:

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

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

Main Help Ranges – $51,100, adopted by $50,500.

Main Resistance Ranges – $51,550, $51,800, and $52,500.

Disclaimer: The article is offered for instructional 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’re suggested to conduct your personal analysis earlier than making any funding choices. Use info offered on this web site solely at your personal danger.



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Tags: BitcoinGroundHoldsPricepullbackRisingRisk
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