The Bitcoin bears wait at the $52K price level while the cryptocurrency started consolidating above the $50,000 level against the US dollar. The coin is now consolidating above the $50K level but could face plenty of hurdles higher so let’s read more in our latest Bitcoin news.
Bitcoin recovered nicely and managed to settle near the $50,000 resistance with the price facing a strong resistance near $52,000 and the 100 hourly simple moving average. There was even a break above the major bearish trend line with the resistance near $49,500 on the hourly charts of the pair. The pair has to clear the $52K resistance to continue higher in the near-term. After managing to clear the $48,000 level, BTC recovered further above $49,000 and it seems to be forming a support base above it but still well below the 100 hourly simple moving average.
The price traded well above 23.6% fib retracement level from the downward wave at $58,400 swing high to $45,000 swing low. There’s also a break above the major bearish trend line with the resistance of $49,500 on the hourly charts of the pair. The price is now consolidating higher but there are still a few hurdles waiting on the upside near the $51,500 and the $52,000 levels. The 50% fib retracement level from the downward wave at $58,400 high to $45,000 swing low is also near the $51,600 level that will act as a major resistance. This resistance level is still near the $52,000 level and the 100 hourly simple moving average.
Breaking higher than $52,000 resistance is needed for more upsides in the near-term with the next major resistances above $52,000 level being near the $55,000 level. If BTC fails to continue higher above $51,500 there will be another decline with the support on the downside nearing the $49,500 level. The first major support is forming close to the $48,000 zone and if there’s another break below the $48,000 support, the price will eventually retest $45K. Right now, the Bitcoin bears wait at $52K while the MACD for the pair is gaining momentum in the bullish zone.
The hourly RSI for the pair is above the 50 level while the major support levels are set at $49,500 and $48,000.
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