Bitcoin Price Holds Ground But Risk of Pullback Keeps Rising
February 21 2024 - 10:09PM
NEWSBTC
Bitcoin price failed again to clear the $53,000 resistance. BTC is
now back below $52,000 and there are chances of a downside break
below the $50,500 support. Bitcoin price is struggling to clear the
$52,000 resistance zone. The price is trading below $52,000 and the
100 hourly Simple moving average. There is a connecting bearish
trend line forming with resistance at $51,550 on the hourly chart
of the BTC/USD pair (data feed from Kraken). The pair could gain
bearish momentum if there is a move below the $50,500 support.
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. 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. More Losses In BTC? If Bitcoin fails to rise
above the $52,000 resistance zone, it could start another decline
in the near term. Immediate support on the downside is near the
$51,100 level. The first major support is $50,500. If there is a
close below $50,500, the price could gain bearish momentum. In the
stated case, the price could decline toward the $49,200 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 –
$51,100, followed by $50,500. Major Resistance Levels – $51,550,
$51,800, and $52,500.
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