Bitcoin Price Sits In Range With Sharp Moves, $50K Is The Key
February 20 2024 - 10:07PM
NEWSBTC
Bitcoin price spiked toward the $53,200 resistance. BTC is trading
in a major range and still holding gains above the $50,000 support
zone. Bitcoin price is struggling to clear the $52,500 resistance
zone. The price is trading below $52,400 and the 100 hourly Simple
moving average. There is a connecting bearish trend line forming
with resistance at $52,300 on the hourly chart of the BTC/USD pair
(data feed from Kraken). The pair could dip toward the $51,600
support before it attempts a fresh increase. Bitcoin Price Holds
Ground Bitcoin price made another attempt to gain strength above
the $52,200 resistance zone. BTC broke the $52,500 level and even
spiked above $52,800. However, the bears were active near the
$53,000 level. A new multi-week high was formed near $52,991 and
the price dived toward $50,500. A low was formed at $50,663 and the
price is now attempting a fresh increase. There was a move above
the $51,600 level. The price climbed above the 50% Fib retracement
level of the downward move from the $52,991 swing high to the
$50,663 low. Bitcoin is now trading below $52,400 and the 100
hourly Simple moving average. There is also a connecting bearish
trend line forming with resistance at $52,300 on the hourly chart
of the BTC/USD pair. Immediate resistance is near the $52,200
level. The next key resistance could be $52,400 or the trend line
or the 76.4% Fib retracement level of the downward move from the
$52,991 swing high to the $50,663 low, above which the price could
rise toward the $52,800 resistance zone. Source: BTCUSD on
TradingView.com The main resistance is now near the $53,000 level.
A clear move above the $53,000 resistance could send the price
toward the $53,500 resistance. The next resistance could be near
the $54,200 level. Another Drop In BTC? If Bitcoin fails to rise
above the $52,400 resistance zone, it could start another decline
in the near term. Immediate support on the downside is near the
$51,600 level. The first major support is $51,200. If there is a
close below $51,200, the price could gain bearish momentum. In the
stated case, the price could decline toward the $50,500 support
zone, below which the price might turn bearish in the short term.
Technical indicators: Hourly MACD – The MACD is now gaining pace in
the bearish zone. Hourly RSI (Relative Strength Index) – The RSI
for BTC/USD is now above the 50 level. Major Support Levels –
$51,600, followed by $51,200. Major Resistance Levels – $52,200,
$52,400, and $52,800.
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