Bitcoin price extended its decline and traded close to $50,000 against the US Dollar. BTC is now consolidating losses and it is likely to start a recovery towards $55,000.
- Bitcoin extended its decline below $52,500 and $51,200 support levels.
- The price is now trading well below $55,000 and the 100 hourly simple moving average.
- There is a key contracting triangle forming with resistance near $52,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to correct higher towards $54,500 or even $55,000 if it clears $53,150.
Bitcoin Price Extends Losses
After a break below $53,000, bitcoin extended its decline. BTC broke the $52,500 and $51,200 support levels to move further into a bearish zone.
The bears even aimed a test of $50,000. However, the price remained stable above $50,500. A low is formed near $50,400 and the price is now consolidating losses. It is trading well below $55,000 and the 100 hourly simple moving average.
Source:There is also a key contracting triangle forming with resistance near $52,500 on the hourly chart of the BTC/USD pair. If there is an upside break above the triangle resistance, the price could even break $53,150. The next key resistance is near the $53,800 level.