Wednesday, December 25, 2024

Bitcoin Value Holds Floor However Danger of Pullback Retains Rising

Bitcoin worth failed once more to clear the $53,000 resistance. BTC is now again beneath $52,000 and there are possibilities of a draw back break beneath the $50,500 help.

  • Bitcoin worth is struggling to clear the $52,000 resistance zone.
  • The worth is buying and selling beneath $52,000 and the 100 hourly Easy shifting common.
  • There’s a connecting bearish development line forming with resistance at $51,550 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may achieve bearish momentum if there’s a transfer beneath the $50,500 help.

Bitcoin Value Dips Once more

Bitcoin worth failed to begin a recent enhance above the $52,200 resistance zone. BTC settled beneath $52,000 and slowly moved decrease. There was a drop beneath the $51,500 stage.

The worth even revisited the $50,500 help zone. A low was shaped at $50,636 and the worth is now making an attempt a restoration wave. There was a transfer above the $51,000 stage. The worth spiked towards the 50% Fib retracement stage of the downward transfer from the $52,991 swing excessive to the $50,636 low.

Bitcoin is now buying and selling beneath $52,000 and the 100 hourly Easy shifting common. There may be additionally a connecting bearish development line forming with resistance at $51,550 on the hourly chart of the BTC/USD pair.

Fast resistance is close to the $51,550 stage. The subsequent key resistance may very well be $51,800, above which the worth may rise towards the $52,500 resistance zone. It’s close to the 76.4% Fib retracement stage of the downward transfer from the $52,991 swing excessive to the $50,636 low.

Bitcoin Price

Supply: BTCUSD on TradingView.com

The principle resistance is now close to the $53,000 stage. A transparent transfer above the $53,000 resistance may ship the worth towards the $53,500 resistance. The subsequent resistance may very well be close to the $54,200 stage.

Extra Losses In BTC?

If Bitcoin fails to rise above the $52,000 resistance zone, it may begin one other decline within the close to time period. Fast help on the draw back is close to the $51,100 stage.

The primary main help is $50,500. If there’s a shut beneath $50,500, the worth may achieve bearish momentum. Within the said case, the worth may decline towards the $49,200 help zone, beneath which the worth would possibly flip bearish within the brief time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 stage.

Main Help Ranges – $51,100, adopted by $50,500.

Main Resistance Ranges – $51,550, $51,800, and $52,500.

Disclaimer: The article is offered for academic functions solely. It doesn’t signify the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your personal analysis earlier than making any funding selections. Use data offered on this web site totally at your personal threat.

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