💥💥💥 #bitcoinprice Rebounds, But Could the Downtrend Return?
Bitcoin Price Struggles to Overcome Key Resistance Levels
- Bitcoin ($BTC ) remains supported near $52,500 and is attempting to recover from recent losses. However, the cryptocurrency faces significant resistance around $55,200 and $55,500.
1. Current Price Action: Bitcoin is trading below $55,200 and the 100-hourly Simple Moving Average. A key bearish trend line is forming with resistance at $55,200 on the hourly BTC/USD chart (data from Kraken). The cryptocurrency may find it challenging to rise above the $55,500 or $56,000 resistance levels in the near term.
Bitcoin Price Recovery Attempt
- After extending losses below the $55,500 support zone and dropping below $53,200, Bitcoin tested the $52,500 level, forming a low at $52,569. The price is now attempting a recovery, moving above $53,200 and $54,000 resistance levels. It has also surpassed the 23.6% Fibonacci retracement level of the decline from $58,508 to $52,569.
- Despite this, Bitcoin is struggling to move above the $55,500 resistance zone. The price remains below $55,200 and the 100-hourly Simple Moving Average. Resistance near $55,200 includes a key bearish trend line and aligns with the 50% Fibonacci retracement level of the recent downward move.
Resistance and Support Levels
- The first major resistance is near $55,500. A clear break above this level could lead to further gains, potentially pushing the price toward $56,200, and possibly $57,500 if the upward momentum continues.
- On the downside, if Bitcoin fails to rise above $55,500, it could face further declines. Immediate support is around $54,000, with more significant support near $53,200 and $52,500. Additional losses may see the price move toward the $51,800 support level.
Technical Indicators:
- Hourly MACD: Losing momentum in the #BullishZone .
- Hourly RSI: Currently above the 50 level.
- Major Support Levels: $54,000, $53,200
- Major Resistance Levels: $55,200, $55,500
Source - newsbtc.com
