Bitcoin

Resistance

Bitcoin price is struggling to clear the $52,000 resistance. BTC could start a decent downside correction if it breaks the $50,500 support zone. 
<ul> 
 <li>Bitcoin price is still struggling to clear the $52,000 resistance zone.</li> 
 <li>The price is trading below $51,600 and the 100 hourly Simple moving average.</li> 
 <li>There was a break below a connecting bullish trend line with support at $51,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could extend its current decline and revisit the $50,500 support.</li> 
</ul> 
<h2 id="bitcoin-price-faces-resistance-at-52k">Bitcoin Price Faces Resistance At $52K</h2> 
Bitcoin price retested the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-accumulation-52k/" target="_blank" rel="noopener ">$50,500 support zone</a> and even spiked toward $50,400. However, the bulls were active near the $50,450. A low was formed at $50,456 and the price recovered above $51,200. 
The bears are now protecting an upside break above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-holds-ground-50500/" target="_blank" rel="noopener ">$52,000 resistance zone</a>. A high is formed at $51,936 and the price is now moving lower. There was a break below a connecting bullish trend line with support at $51,500 on the hourly chart of the BTC/USD pair. 
There was a break below the 23.6% Fib retracement level of the upward move from the $50,456 swing low to the $51,936 high. Bitcoin is now trading below $51,600 and the 100 hourly Simple moving average. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_69e82d.png?resize=1024%2C461"><img decoding="async" class="alignnone size-full wp-image-576791" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_69e82d.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_69e82d.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_69e82d.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_69e82d.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_69e82d.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_69e82d.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_69e82d.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_69e82d.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" loading="lazy" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">BTCUSD on TradingView.com</a> 
Immediate resistance is near the $51,600 level. The next key resistance could be $52,000, above which the price could rise toward the $52,500 resistance zone. 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. 
<h2 id="another-decline-in-btc">Another Decline In BTC?</h2> 
If Bitcoin fails to rise above the $51,600 resistance zone, it could start another decline in the near term. Immediate support on the downside is near the $51,300 level and the 100 hourly SMA. 
The first major support is $51,100 or the 50% Fib retracement level of the upward move from the $50,456 swing low to the $51,936 high. If there is a close below $51,100, the price could start a decent pullback. In the stated case, the price could decline toward the $50,500 support zone, below which the price might even test $50,000. 
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 below the 50 level. 
Major Support Levels – $51,100, followed by $50,500. 
Major Resistance Levels – $51,600, $51,800, and $52,000.

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