Bitcoin is struggling to clear the $50,000 resistance zone against the US Dollar. BTC could decline heavily if it stays below $50,000 for a long time.
- Bitcoin is struggling and showing bearish signs below the $50,000 resistance.
- The price is now trading just below $49,000 and the 100 hourly simple moving average.
- There was a break below a key rising channel with support near $49,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must settle above the $50,000 level to start a steady increase in the near term.
Bitcoin Price Faces Resistance
Bitcoin price started a recovery wave from the $47,000 support zone. BTC climbed above the $48,500 and $49,000 resistance levels. It even broke the $50,000 zone and the 100 hourly simple moving average.
However, there was no upside continuation above $50,800. A high was formed near $50,788 and the price started a fresh decline. There was a clear move below the $50,000 level. The price declined below the 50% Fib retracement level of the upward move from the $46,943 swing low to $50,788 high.
Besides, there was a break below a key rising channel with support near $49,500 on the hourly chart of the BTC/USD pair. Bitcoin is now trading just below $49,000 and the 100 hourly simple moving average.
Source: BTCUSD on TradingView.com
An immediate resistance on the upside is near the $49,200 level. The first major resistance is near the $49,500 level. The main resistance is near the $50,000 zone. A daily close above the $50,000 level could open the doors for more upsides. The next key resistance is near the $50,800…