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Bitcoin Could Struggle At $52K Despite The Recent Recovery

Stefan by Stefan
24/02/2021
in Bitcoin News
Reading Time: 2 mins read
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Bitcoin Could Struggle, btc, price, support, level
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Bitcoin could struggle at $52K despite the recent recovery from the lows of $45K that sent the entire market into shockwaves so let’s read more in our latest BTC news.

The price extended the decline and tested the $45K support against the US dollar but the price is now recovering the losses while the $52K zone could act as a strong resistance. BTC dropped heavily below $50K and tested the $45K support zone. However, the price is now recovering well but bitcoin could struggle at $52K again with the key bearish trend line forming at the $51,200 resistance on the hourly charts of the pair. The previous support near $51,800 could act as a stronger barrier.

btcusd
Source BTCUSD on TradingView.com

There were some heavy losses in BTC below $52,000 and $50,000 support levels as the coin even tested the $45K support zone and settled well below the 100 hourly simple moving average. The new low was formed near $44,960 and the price is now recovering the losses. It managed to correct above $48K resistance with a break above 23.6% fib retracement level from the downward move at $58,400 high to $44,960 low.

The coin is now testing the $50K resistance but it is still well below the 100 hourly simple moving average. There’s also a key bearish trend line that is forming with the resistance of $51,200 on the hourly charts of the pair with the first one forming near $51,800. The 50% fib retracement level from the downward move at $58,400 high to the $44,960 low is near the $51,800 so a new close above these resistances is a level that has to be hit for a fresh increase towards $55K.

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BTC 24hours
BTC 24-hour Price Chart (Source: Coingecko)

If BTC Fails to continue higher above the trend line resistance of $51,800, there are even more chances of a dip. The initial support on the downside is closer to $48,000 level. The main support is now forming near the $45K zone so if there’s a clear break below these supports, the price could drop by 10% in the near-term with the next major support standing at $40K. The hourly MACD for the pair is gaining momentum in the bullish zone while the hourly RSI is above the 50 levels.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Tags: bitc pricebitcoin could strugglebitcoin priceBTCbtc strugglerecent recovery
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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