• Bitcoin price started a fresh decline from the $52,000 resistance against the US Dollar.
  • The price is now trading below $50,000 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line with resistance near $49,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could resume decline if it fails to clear the $50,000 resistance zone.

Bitcoin price is struggling below $50,000 against the US Dollar. BTC might decline heavily if there is no clear break above the $50,000 resistance zone.

Bitcoin Price Analysis

Bitcoin price started a fresh decline from the $52,000 resistance zone. BTC traded below the $50,000 and $50,000 support levels to move again into a bearish zone.

Earlier, the price recovered losses from the $42,350 support zone. It climbed above the 23.6% Fib retracement level of the downward move from the $59,120 swing high to $42,332 low. There was also a move above the $50,000 level and the 55 simple moving average (4-hours).

Finally, there was a spike above the $51,000 level. However, the bulls struggled to gain strength above the $52,000 zone. The 50% Fib retracement level of the downward move from the $59,120 swing high to $42,332 low also acted as a resistance.

On the upside, an initial resistance is near the $48,500 level. There is also a major bearish trend line with resistance near $49,000 on the 4-hours chart of the BTC/USD pair.

The main resistance is forming near the $50,000 zone. A close above the $50,000 zone is needed for a fresh increase. In the stated case, the price is likely…


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