{"id":36049,"date":"2024-02-13T03:52:45","date_gmt":"2024-02-13T07:52:45","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=36049"},"modified":"2024-02-13T03:52:45","modified_gmt":"2024-02-13T07:52:45","slug":"bitcoin-price-revisits-50k-why-btc-could-start-a-short-term-correction","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/02\/13\/bitcoin-price-revisits-50k-why-btc-could-start-a-short-term-correction\/","title":{"rendered":"Bitcoin Price Revisits $50K, Why BTC Could Start A Short-Term Correction"},"content":{"rendered":"

Bitcoin price extended its rally above the $48,800 resistance. BTC tested $50,000 and is currently showing signs of a downside correction.<\/em><\/p>\n

Bitcoin price climbed higher above the $48,500 and $48,800 resistance levels.
\nThe price is trading above $48,800 and the 100 hourly Simple moving average.
\nThere is a short-term rising channel forming with support at $49,750 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a downside correction below the $49,750 and $49,500 levels.<\/p>\n

Bitcoin Price Jumps 5%<\/h2>\n

Bitcoin price remained in a positive zone above the $48,000 resistance zone<\/a>. BTC extended its rally and climbed above the $48,800 resistance zone. Finally, the price jumped above the $50,000 level.<\/p>\n

A new multi-week high was formed near $50,339 and the price is now consolidating gains. There was a minor decline below the $50,000 level. The price is still above the 23.6% Fib retracement level of the recent rally from the $47,642 swing low to the $50,339 high.<\/p>\n

Bitcoin price is now trading above $48,800 and the 100 hourly Simple moving average<\/a>. There is also a short-term rising channel forming with support at $49,750 on the hourly chart of the BTC\/USD pair.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

Immediate resistance is near the $50,250 level. The next key resistance could be $50,400, above which the price could start another decent increase. The next stop for the bulls may perhaps be $51,200. A clear move above the $51,200 resistance could send the price toward the $52,000 resistance. The next resistance could be near the $53,000 level.<\/p>\n

Downside Correction In BTC?<\/h2>\n

If Bitcoin fails to rise above the $50,250 resistance zone, it could start a downside correction. Immediate support on the downside is near the $49,750 level or the channel trend line.<\/p>\n

The first major support is $49,000 and the 50% Fib retracement level of the recent rally from the $47,642 swing low to the $50,339 high. If there is a close below $49,000, the price could gain bearish momentum. In the stated case, the price could dive toward the $47,650 support.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $49,750, followed by $49,000.<\/p>\n

Major Resistance Levels \u2013 $50,250, $50,400, and $51,200.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price extended its rally above the $48,800 resistance. BTC tested $50,000 and is currently showing signs of a downside correction.<\/em><\/p>\n

Bitcoin price climbed higher above the $48,500 and $48,800 resistance levels.
\nThe price is trading above $48,800 and the 100 hourly Simple moving average.
\nThere is a short-term rising channel forming with support at $49,750 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a downside correction below the $49,750 and $49,500 levels.<\/p>\n

Bitcoin Price Jumps 5%<\/h2>\n

Bitcoin price remained in a positive zone above the $48,000 resistance zone<\/a>. BTC extended its rally and climbed above the $48,800 resistance zone. Finally, the price jumped above the $50,000 level.<\/p>\n

A new multi-week high was formed near $50,339 and the price is now consolidating gains. There was a minor decline below the $50,000 level. The price is still above the 23.6% Fib retracement level of the recent rally from the $47,642 swing low to the $50,339 high.<\/p>\n

Bitcoin price is now trading above $48,800 and the 100 hourly Simple moving average<\/a>. There is also a short-term rising channel forming with support at $49,750 on the hourly chart of the BTC\/USD pair.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

Immediate resistance is near the $50,250 level. The next key resistance could be $50,400, above which the price could start another decent increase. The next stop for the bulls may perhaps be $51,200. A clear move above the $51,200 resistance could send the price toward the $52,000 resistance. The next resistance could be near the $53,000 level.<\/p>\n

Downside Correction In BTC?<\/h2>\n

If Bitcoin fails to rise above the $50,250 resistance zone, it could start a downside correction. Immediate support on the downside is near the $49,750 level or the channel trend line.<\/p>\n

The first major support is $49,000 and the 50% Fib retracement level of the recent rally from the $47,642 swing low to the $50,339 high. If there is a close below $49,000, the price could gain bearish momentum. In the stated case, the price could dive toward the $47,650 support.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $49,750, followed by $49,000.<\/p>\n

Major Resistance Levels \u2013 $50,250, $50,400, and $51,200.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-36049","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36049","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=36049"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36049\/revisions"}],"predecessor-version":[{"id":36057,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36049\/revisions\/36057"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=36049"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=36049"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=36049"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}