Bitcoin Settles Below $50K, What Could Initiate A Fresh Rally

Bitcoin declined heavily and it even spiked towards $40K against the US Dollar. BTC is recovering, but it must clear $50K for a steady increase in the near term.

Bitcoin is attempting a recovery wave above the $47,000 and $47,500 levels.
The price is now trading below $50,000 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $48,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a decent upward move if there is a clear break above $50,000.

Bitcoin Price is Recovering Losses
Bitcoin price failed to stay above the $52,000 and $50,000 support levels. BTC declined heavily and broke many important supports near the $48,000 level.
It even dived below the $45,000 level and traded close to the $40,000 level. A low was formed near $40,150 and the price is now recovering losses. It climbed above the $45,000 resistance zone. There was a break above the 50% Fib retracement level of the recent decline from the $57,688 swing high to $40,150 low.
It is now trading below $50,000 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $48,600 on the hourly chart of the BTC/USD pair.
An immediate resistance on the upside is near the $49,600 level. The first major resistance is near the $60,000 level. The next major resistance is near $50,900. It is close to the 61.8% Fib retracement level of the recent decline from the $57,688 swing high to $40,150 low.

Source: BTCUSD on TradingView.com
A clear break above the $50,900 resistance zone could open the doors for more upsides. The next key resistance is near the $52,500 level, above which the price could rise steadily. The next stop for the bulls may possibly be near the $53,500 level.
More Losses In BTC?
If bitcoin fails to clear the $50,000 resistance zone, it could extend losses. An immediate support on the downside is near the $48,500 level.
The first major support is now forming near the $47,500 level. A downside break below the $47,500 support may perhaps start a sharp decline. The next stop for the bears might be $55,000.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the 50 level.
Major Support Levels – $48,500, followed by $45,000.
Major Resistance Levels – $50,000, $50,900 and $52,500.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 66,572.84
ethereum
Ethereum (ETH) $ 3,185.64
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 602.41
solana
Solana (SOL) $ 155.11
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.550881
staked-ether
Lido Staked Ether (STETH) $ 3,184.63
dogecoin
Dogecoin (DOGE) $ 0.158882
the-open-network
Toncoin (TON) $ 5.63
cardano
Cardano (ADA) $ 0.513629
shiba-inu
Shiba Inu (SHIB) $ 0.000027
avalanche-2
Avalanche (AVAX) $ 38.77
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 66,558.83
bitcoin-cash
Bitcoin Cash (BCH) $ 513.16
polkadot
Polkadot (DOT) $ 7.43
tron
TRON (TRX) $ 0.112378
chainlink
Chainlink (LINK) $ 15.47
near
NEAR Protocol (NEAR) $ 7.01
internet-computer
Internet Computer (ICP) $ 14.91
matic-network
Polygon (MATIC) $ 0.734075
litecoin
Litecoin (LTC) $ 84.81
uniswap
Uniswap (UNI) $ 8.16
leo-token
LEO Token (LEO) $ 5.75
dai
Dai (DAI) $ 0.999732
blockstack
Stacks (STX) $ 3.12
aptos
Aptos (APT) $ 9.97
ethereum-classic
Ethereum Classic (ETC) $ 28.15
mantle
Mantle (MNT) $ 1.20
first-digital-usd
First Digital USD (FDUSD) $ 1.00
render-token
Render (RNDR) $ 9.24
filecoin
Filecoin (FIL) $ 6.55
crypto-com-chain
Cronos (CRO) $ 0.131198
immutable-x
Immutable (IMX) $ 2.40
cosmos
Cosmos Hub (ATOM) $ 8.86
bittensor
Bittensor (TAO) $ 516.23
stellar
Stellar (XLM) $ 0.117116
okb
OKB (OKB) $ 54.90
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,215.32
hedera-hashgraph
Hedera (HBAR) $ 0.089033
arbitrum
Arbitrum (ARB) $ 1.19
vechain
VeChain (VET) $ 0.042115
kaspa
Kaspa (KAS) $ 0.128509
pepe
Pepe (PEPE) $ 0.000007
the-graph
The Graph (GRT) $ 0.299689
dogwifcoin
dogwifhat (WIF) $ 2.79
maker
Maker (MKR) $ 2,849.76
optimism
Optimism (OP) $ 2.52
fetch-ai
Fetch.ai (FET) $ 2.45
injective-protocol
Injective (INJ) $ 28.20