Once more, Bitcoin’s attempt to surpass the $53,000 resistance proved unsuccessful. Currently, the price has retreated below $52,000, heightening the possibility of a downside breach beneath the $50,500 support level.
Bitcoin is encountering challenges in surpassing the $52,000 resistance area.
The price is below both $52,000 and the 100-hourly Simple Moving Average.
On the hourly chart of the BTC/USD pair (data feed from Kraken), a bearish trend line is emerging with resistance at $51,550.
Should the price drop below the $50,500 support, it could trigger a bearish momentum in the pair.
Bitcoin’s price experiences another decline.
Bitcoin struggled to initiate an upward trend beyond the $52,200 resistance area, resulting in a settlement below $52,000 and a gradual descent. The price descended below the $51,500 threshold, revisiting the $50,500 support zone and forming a low at $50,636. Presently, there is an attempt at a recovery, with a move above the $51,000 mark and a spike toward the 50% Fibonacci retracement level of the decline from the $52,991 peak to the $50,636 low.
As of now, Bitcoin is trading beneath $52,000 and the 100-hourly Simple Moving Average, accompanied by the formation of a bearish trend line connecting with resistance at $51,550 on the BTC/USD pair’s hourly chart.
Immediate resistance is anticipated near the $51,550 level, followed by a key hurdle at $51,800. Surpassing this level could propel the price towards the $52,500 resistance zone, situated close to the 76.4% Fibonacci retracement level of the downward movement from the $52,991 peak to the $50,636 low.
![](https://sollcrypto.com/wp-content/uploads/2024/02/Screen-Shot-2024-02-22-at-8.34.37-AM.png)
The primary obstacle lies around the $53,000 threshold. A decisive breakthrough beyond the $53,000 resistance has the potential to propel the price towards the $53,500 resistance. Subsequently, the following hurdle may emerge in the vicinity of the $54,200 level.
Could Bitcoin (BTC) Experience Further Declines?
If Bitcoin struggles to surpass the $52,000 resistance zone, it may initiate another downturn in the near future. Immediate downside support is anticipated near the $51,100 level.
The initial significant support lies at $50,500. A conclusive breach below $50,500 could instigate a bearish trend. In such a scenario, the price might descend towards the $49,200 support region, and if this level is breached, a short-term bearish outlook could prevail.
Technical Indicators:
Hourly MACD – The MACD is currently displaying an increasing bearish momentum.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is presently above the 50 level.
Key Support Levels – $51,100, followed by $50,500.
Key Resistance Levels – $51,550, $51,800, and $52,500.