{"id":461701,"date":"2021-04-20T03:08:49","date_gmt":"2021-04-20T03:08:49","guid":{"rendered":"https:\/\/uniquehot.com\/?p=461701"},"modified":"2024-06-11T13:55:06","modified_gmt":"2024-06-11T13:55:06","slug":"bitcoin-price-primed-to-revisit-52k","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-primed-to-revisit-52k\/","title":{"rendered":"TA: Here\u2019s Why Bitcoin Price Is Primed To Revisit $52K Support"},"content":{"rendered":"
Bitcoin price struggled to recover above $57,500 against the US Dollar. BTC is now declining and it remains at a risk of more downsides towards $52,000.<\/em><\/p>\n Bitcoin started a decent recovery wave<\/a> above the $55,000 resistance zone. BTC broke the $56,500 and $57,000 resistance levels.<\/p>\n There was a break above the 23.6% Fib retracement level of the downward move from the $63,750 swing high to $51,150 swing low. However, the bulls faced an uphill task near the $57,500 level and it also remained well below the 100 hourly simple moving average.<\/p>\n It seems like bitcoin was rejected near the 50% Fib retracement level of the downward move from the $63,750 swing high to $51,150 swing low. It is now trading well below the $57,000 level and the 100 hourly simple moving average<\/a>.<\/p>\n <\/a><\/p>\n There is also a key declining channel forming with resistance near $56,000 on the hourly chart of the BTC\/USD pair. If there is a downside break below the channel support at $54,000, there is a risk of a drop towards the $53,000 support zone. The next major support is near $52,000, where the bulls might take a stand.<\/p>\n If bitcoin remains stable above the $54,000 level, it could attempt an upside break. The first key resistance is near the channel trend line at $56,000.<\/p>\n An upside break above the channel resistance could open the doors for a move towards the $57,500 resistance. The next major hurdle for the bulls could be $58,000 or the 100 hourly simple moving average. A close above the $57,500 and $58,000 levels is must to change the current bearish bias in the near term.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is slowly gaining momentum in the bearish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level.<\/p>\n Major Support Levels \u2013 $54,000, followed by $52,000.<\/p>\n Major Resistance Levels \u2013 $56,000, $57,000 and $57,500.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin price struggled to recover above $57,500 against the US Dollar. BTC is now declining and it remains at a risk of more downsides towards $52,000. Bitcoin is facing an uphill task above the $57,000 and $57,500 levels. The price is now trading well below the $57,000 level and the 100 hourly simple moving average. There is a key declining channel forming with resistance near $56,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to continue lower towards $53,000 and $52,000 in the near term. Bitcoin Price Resumes Decline Bitcoin started a decent recovery wave above the $55,000 resistance zone. BTC broke the $56,500 and $57,000 resistance levels. There was a break above the 23.6% Fib retracement level of the downward move from the $63,750 swing high to $51,150 swing low. However, the bulls faced an uphill task near the $57,500 level and it also remained well below the 100 hourly simple moving average. It seems like bitcoin was rejected near the 50% Fib retracement level of the downward move from the $63,750 swing high to $51,150 swing low. It is now trading well below the $57,000 level and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com There is also a key declining channel forming with resistance near $56,000 on the hourly chart of the BTC\/USD pair. If there is a downside break below the channel support at $54,000, there is a risk of a drop towards the $53,000 support zone. The next major support is near $52,000, where the bulls might take a stand. Upsides Capped in BTC? If bitcoin remains stable above the $54,000 level, it could attempt an upside break. The first key resistance is near the channel trend line at $56,000. An upside break above the channel resistance could open the doors for a move towards the $57,500 resistance. The next major hurdle for the bulls could be $58,000 or the 100 hourly simple moving average. A close above the $57,500 and $58,000 levels is must to change the current bearish bias in the near term. Technical indicators: Hourly MACD \u2013 The MACD is slowly gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 50 level. Major Support Levels \u2013 $54,000, followed by $52,000. Major Resistance Levels \u2013 $56,000, $57,000 and $57,500.<\/p>\n","protected":false},"author":67,"featured_media":461703,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-461701","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n\n
Bitcoin Price Resumes Decline<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Upsides Capped in BTC?<\/h2>\n