Bitcoin Tops At $52K, What Could Trigger A Sharp Move To $47K

Bitcoin failed to clear the $52,000 resistance zone against the US Dollar. BTC is started a major decline and traded below the $50,000 support.

Bitcoin made two attempts to clear the $51,800-$52,000 resistance zone but failed.
The price is trading below $50,000 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $51,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is declining and could even dive below the $49,500 support zone in the near term.

Bitcoin Price Forms Bearish Pattern
Bitcoin price made another attempt to clear the $51,800 resistance zone. BTC spiked towards the $52,000 zone, where the bears took a stand. It seems like there is a double top pattern forming near $52,000.
A high was formed near $52,111 and the price started a fresh decline. There was a break below the $51,200 and $50,500 support levels. There was also a break below a key bullish trend line with support near $51,200 on the hourly chart of the BTC/USD pair.
The pair traded below the 50% Fib retracement level of the upward move from the $49,477 swing low to $52,111 high. Bitcoin is now trading below $50,000 and the 100 hourly simple moving average.
It is also trading below the 76.4% Fib retracement level of the upward move from the $49,477 swing low to $52,111 high. An immediate support is near the $49,500 zone. The first major support is near $49,000.

Source: BTCUSD on TradingView.com
A downside break below the $49,000 level could push the price towards the $48,800 support. Any more losses may possibly push the price towards the $47,500 support zone.
Recovery In BTC?
If bitcoin manages to stay above the $49,500 support zone, it could start a decent increase. An immediate resistance on the upside is near the $50,000 level.
The next key resistance could be $50,800 and the 100 hourly SMA. A clear move above the $50,800 resistance zone could start a fresh increase. The next major stop for the bulls may possibly be near the $51,800 level.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 50 level.
Major Support Levels – $49,500, followed by $47,500.
Major Resistance Levels – $50,000, $50,800 and $51,800.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 67,461.07
ethereum
Ethereum (ETH) $ 3,718.56
tether
Tether (USDT) $ 0.999904
bnb
BNB (BNB) $ 597.38
solana
Solana (SOL) $ 167.06
staked-ether
Lido Staked Ether (STETH) $ 3,713.15
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.528366
dogecoin
Dogecoin (DOGE) $ 0.164614
the-open-network
Toncoin (TON) $ 6.18
cardano
Cardano (ADA) $ 0.463543
avalanche-2
Avalanche (AVAX) $ 37.97
shiba-inu
Shiba Inu (SHIB) $ 0.000024
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 67,440.07
chainlink
Chainlink (LINK) $ 17.60
tron
TRON (TRX) $ 0.114470
polkadot
Polkadot (DOT) $ 7.25
bitcoin-cash
Bitcoin Cash (BCH) $ 487.45
near
NEAR Protocol (NEAR) $ 7.71
uniswap
Uniswap (UNI) $ 9.39
matic-network
Polygon (MATIC) $ 0.725702
litecoin
Litecoin (LTC) $ 85.46
fetch-ai
Fetch.ai (FET) $ 2.30
pepe
Pepe (PEPE) $ 0.000014
internet-computer
Internet Computer (ICP) $ 12.21
leo-token
LEO Token (LEO) $ 5.89
dai
Dai (DAI) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 31.58
wrapped-eeth
Wrapped eETH (WEETH) $ 3,856.21
render-token
Render (RNDR) $ 10.11
aptos
Aptos (APT) $ 8.90
hedera-hashgraph
Hedera (HBAR) $ 0.108340
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,646.06
immutable-x
Immutable (IMX) $ 2.36
cosmos
Cosmos Hub (ATOM) $ 8.43
mantle
Mantle (MNT) $ 1.01
filecoin
Filecoin (FIL) $ 5.82
first-digital-usd
First Digital USD (FDUSD) $ 1.00
crypto-com-chain
Cronos (CRO) $ 0.120501
stellar
Stellar (XLM) $ 0.109672
kaspa
Kaspa (KAS) $ 0.130392
arbitrum
Arbitrum (ARB) $ 1.16
the-graph
The Graph (GRT) $ 0.323232
bittensor
Bittensor (TAO) $ 430.73
okb
OKB (OKB) $ 48.69
blockstack
Stacks (STX) $ 1.94
dogwifcoin
dogwifhat (WIF) $ 2.80
optimism
Optimism (OP) $ 2.54
ethena-usde
Ethena USDe (USDE) $ 1.00
arweave
Arweave (AR) $ 40.69