👉👉👉 #Bitcoinprice Accumulation – Risk of Pullback Escalates Below $52K
Bitcoin is currently facing resistance as it attempts to breach the $52,000 mark, raising concerns about a potential downturn below the critical support level of $50,500.
BTC is struggling to surpass the $52,000 resistance zone, with its price trading below both $51,800 and the 100-hourly Simple Moving Average.
A bearish flag pattern has emerged on the hourly chart of the BTC/USD pair, with support forming around $51,120.
There's a risk of a significant pullback if the price breaks below the crucial support level of $50,500.
- Bitcoin Price Struggles Near $52,000
Despite a short-lived uptick above $51,500, Bitcoin's price trajectory remained negative as it failed to conquer the $52,200 resistance area. The #cryptocurrency remained below $51,800 and trended lower, slipping below $51,200 before staging a minor recovery.
Bears regained control near the $52,000 resistance zone, pushing Bitcoin below $51,800 and the 100-hourly Simple Moving Average. A bearish flag pattern on the hourly chart suggests possible further downside.
Immediate resistance lies at $51,800, followed by hurdles at $52,000 and $52,500. A breakthrough above $52,000 could propel the price towards the $52,500 resistance, closely aligned with the 76.4% Fibonacci retracement level.
The primary resistance zone is near $53,000, followed by potential resistance levels near $53,500 and $54,200.
- Potential Downside in $BTC ?
If Bitcoin fails to surpass the $51,800 resistance, a downtrend may resume. Initial support near $51,100 and the channel trend line. Below $50,550, a deeper pullback towards $49,500 and potentially $49,200 could follow.
- Technical Indicators:
Hourly MACD – The #MACD is displaying bearish momentum.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level, indicating bearish sentiment.
- Key Support Levels – $51,100, followed by $50,550.
- Key Resistance Levels – $51,800, $52,000, and $52,500.
Source - newsbtc.com
