• Bitcoin price started a fresh decline from the $59,000 resistance against the US Dollar.
  • The price is now trading below $52,000 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line with resistance near $52,000 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 $52,000 resistance zone.

Bitcoin price is struggling below $52,000 against the US Dollar. BTC might decline heavily if there is no clear break above the $52,000 resistance zone.

Bitcoin Price Analysis

Bitcoin price started a major decline from the $60,000 resistance zone. BTC traded below the $55,000 and $52,000 support levels to move into a bearish zone.

The price even broke the $50,000 support zone and the 55 simple moving average (4-hours). Finally, there was a spike below the $45,000 level. A low was formed near $42,333 and recently there was an upside correction. There was a break above the $45,000 and $47,000 resistance levels.

There was a break above the 23.6% Fib retracement level of the downward move from the $59,118 swing high to $42,333 low. It is now trading above $50,000, but it is below the 55 simple moving average (4-hours).

On the upside, an initial resistance is near the $50,850 level. It is near the 50% Fib retracement level of the downward move from the $59,118 swing high to $42,333 low. There is also a major bearish trend line with resistance near $52,000 on the 4-hours chart of the BTC/USD pair.

The main resistance is forming near the $52,000 zone. A close above the…


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