Bitcoin Price Dips Again

Bitcoin price failed to start a fresh increase above the $52,200 resistance zone. BTC settled below $52,000 and slowly moved lower. There was a drop below the $51,500 level.

The price even revisited the $50,500 support zone. A low was formed at $50,636 and the price is now attempting a recovery wave. There was a move above the $51,000 level.

The price spiked toward the 50% Fib retracement level of the downward move from the $52,991 swing high to the $50,636

low.

Bitcoin is now trading below $52,000 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance at $51,550 on the hourly chart of the BTC/USD pair.

Immediate resistance is near the $51,550 level. The next key resistance could be $51,800, above which the price could rise toward the $52,500 resistance zone. It is near the 76.4% Fib retracement level of the downward move from the $52,991 swing high to the $50,636 low.