Bitcoin

Resistance

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. 
<ul> 
 <li>Bitcoin price is struggling to clear the $52,000 resistance zone.</li> 
 <li>The price is trading below $52,000 and the 100 hourly Simple moving average.</li> 
 <li>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).</li> 
 <li>The pair could gain bearish momentum if there is a move below the $50,500 support.</li> 
</ul> 
<h2 id="bitcoin-price-dips-again">Bitcoin Price Dips Again</h2> 
Bitcoin price failed to start a fresh increase above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-range-50k-key/" target="_blank" rel="noopener ">$52,200 resistance zone</a>. 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 <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-52500/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. 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. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_c9e4d3.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-576301" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_c9e4d3.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_c9e4d3.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_c9e4d3.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_c9e4d3.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_c9e4d3.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_c9e4d3.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_c9e4d3.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_c9e4d3.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">BTCUSD on TradingView.com</a> 
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="more-losses-in-btc">More Losses In BTC?</h2> 
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.

Bitcoin Price Holds Ground But Risk of Pullback Keeps Rising

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