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Bitcoin Price Consolidates Near $50K, Why BTC Bulls Could Fail Near $52.5K


Bitcoin price extended its decline below the $50,000 support against the US Dollar. BTC is now consolidating losses and it remains at a risk of more downside below $48,000.

  • Bitcoin declined heavily below the $52,000 and $50,000 support levels.
  • The price is now trading well below $52,000 and the 100 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $52,800 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct losses, but it might face resistance near $52,000 and $52,500.

Bitcoin Price Turns Red

This past week, bitcoin price saw a steady decline from well above $60,000 against the US Dollar. The BTC/USD pair broke many important supports near $55,000 and $52,500 to move into a bearish zone.

The price even broke the $50,000 level and it settled below the 100 simple moving average (4-hours). It traded to a new weekly low at $47,511 before it started consolidating losses. There was a minor recovery above the $48,000 and $48,500 levels.

There was a recovery above the 23.6% Fib retracement level of the recent decline from the $57,597 high to $47,511 low. It is now consolidating near the $50,000 level.

Source: BTCUSD on TradingView.com

On the upside, the price is facing a major resistance near the $52,000 and $52,500 levels. There is also a key bearish trend line forming with resistance near $52,800 on the 4-hours chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the recent decline from the $57,597 high to $47,511 low.

A successful close above the $52,000 and $52,500 resistance levels could open the doors for a fresh increase in the coming sessions.

More Losses in BTC?

If bitcoin fails above the $52,000 level, there is a risk of more losses. The first major support is near the $48,200 and $58,000 levels.

The next major support is near the $57,500 level. Any more losses might call for a fresh drop towards the $46,000 support level. In the stated case, there are even chances of a drop towards the key $45,000 support zone in the near term.

Technical indicators

4 hours MACD – The MACD for BTC/USD is losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.

Major Support Level – $47,500

Major Resistance Level – $52,500



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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin39,848 0.19 % 7.59 % 32.95 %
Ethereum2,291.2 0.22 % 4.68 % 27.65 %
Binance Coin311.81 0.10 % 2.81 % 17.05 %
Tether0.9984 0.13 % 0.12 % 0.07 %
Cardano1.270 0.11 % 3.11 % 20.24 %
Polkadot34.19 0.39 % 0.20 % 3.73 %
XRP0.6409 0.01 % 2.68 % 20.39 %
Uniswap18.84 0.13 % 3.90 % 28.73 %
Litecoin134.99 0.17 % 4.98 % 25.20 %
Theta Network6.140 3.84 % 11.72 % 65.34 %