Bitcoin price rallied to a new all-time high near ,440 before correcting lower against the US Dollar. The price declined sharply below ,000 and the 55 simple moving average (4-hours). There was a break below a major bullish trend line with support at ,660 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair is recovering, but it must surpass ,000 to continue higher in the near term. Bitcoin price started a downside correction from well above ,000 against the US Dollar. BTC is recovering losses, but the ,000 resistance holds the key in the near term. Bitcoin Price Analysis In the past few days, there was a steady increase in bitcoin price above the ,000 resistance against the US Dollar. BTC broke the ,000 and ,000
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- Bitcoin price rallied to a new all-time high near $58,440 before correcting lower against the US Dollar.
- The price declined sharply below $52,000 and the 55 simple moving average (4-hours).
- There was a break below a major bullish trend line with support at $51,660 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair is recovering, but it must surpass $52,000 to continue higher in the near term.
Bitcoin price started a downside correction from well above $55,000 against the US Dollar. BTC is recovering losses, but the $52,000 resistance holds the key in the near term.
Bitcoin Price Analysis
In the past few days, there was a steady increase in bitcoin price above the $50,000 resistance against the US Dollar. BTC broke the $52,000 and $55,000 resistance levels to move further into a positive zone.
A new all-time high was formed near $58,440 before there was a downside correction. The price dipped below the $55,000 and $52,500 levels. There was also a break below a major bullish trend line with support at $51,660 on the 4-hours chart of the BTC/USD pair.
The pair dived below the $50,000 support zone and extended its decline towards $45,000. It traded as low as $44,892 and recently started a decent recovery wave.
There was a break above the $48,000 resistance level. The pair climbed above the 23.6% Fib retracement level of the recent drop from the $58,442 high to $44,892 low. It is now trading just above $50,000, but the bulls are facing many key hurdles.
The first major resistance is near the $51,600 level. It is close to the 50% Fib retracement level of the recent drop from the $58,442 high to $44,892 low. The main resistance is now forming near the $52,000 level and the 55 simple moving average (4-hours).
A close above the $52,000 level is needed to start a fresh increase. In the stated case, the price will most likely rally above the $55,000 level. Conversely, there could be another downside correction below the $48,000 support. The main support is forming near the $45,000 level.
Bitcoin Price
Looking at the chart, bitcoin price is clearly facing hurdles near $52,000 and the 55 simple moving average (4-hours). Overall, the price is recovering, but it must surpass $52,000 to continue higher in the near term.
Technical indicators
4 hours MACD – The MACD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is recovering towards the 50 level.
Key Support Levels – $48,000 and $45,000.
Key Resistance Levels – $51,600, $52,000 and $55,000.