{"id":36257,"date":"2024-02-20T02:53:33","date_gmt":"2024-02-20T06:53:33","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=36257"},"modified":"2024-02-20T02:53:33","modified_gmt":"2024-02-20T06:53:33","slug":"bitcoin-price-consolidates-below-resistance-are-dips-still-supported","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/02\/20\/bitcoin-price-consolidates-below-resistance-are-dips-still-supported\/","title":{"rendered":"Bitcoin Price Consolidates Below Resistance, Are Dips Still Supported?"},"content":{"rendered":"

Bitcoin price is correcting gains from the $52,500 resistance. BTC must stay above the $50,500 support to remain in a bullish zone this month.<\/em><\/p>\n

Bitcoin price is struggling to clear the $52,800 resistance zone.
\nThe price is trading below $52,200 and the 100 hourly Simple moving average.
\nThere was a break below a key bullish trend line with support at $52,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh increase unless there is a clear move below the $50,500 support.<\/p>\n

Bitcoin Price Faces Hurdles<\/h2>\n

Bitcoin price made another attempt to gain strength above the $52,000 resistance zone<\/a>. BTC broke the $52,200 level, but the bears were still active near the $52,500 level.<\/p>\n

A high was formed near $52,475 and the price is now correcting gains<\/a>. There was a move below the $52,000 level. The pair traded below the 50% Fib retracement level of the upward move from the $50,581 swing low to the $52,475 high.<\/p>\n

Besides, there was a break below a key bullish trend line with support at $52,200 on the hourly chart of the BTC\/USD pair. Bitcoin is now trading below $52,000 and the 100 hourly Simple moving average.<\/p>\n

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

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

Immediate resistance is near the $52,000 level. The next key resistance could be $52,200, above which the price could rise toward the $52,500 resistance zone. The main resistance is still near the $52,800 level. A clear move above the $52,800 resistance could send the price toward the $53,500 resistance. The next resistance could be near the $55,000 level.<\/p>\n

More Losses In BTC?<\/h2>\n

If Bitcoin fails to rise above the $52,200 resistance zone, it could start another decline in the near term. Immediate support on the downside is near the $51,300 level and the 61.8% Fib retracement level of the upward move from the $50,581 swing low to the $52,475 high.<\/p>\n

The first major support is $51,000. If there is a close below $51,000, the price could gain bearish momentum. In the stated case, the price could decline toward the $50,500 support zone, below which the price might turn bearish in the short term.<\/p>\n

Technical indicators:<\/p>\n

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

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

Major Support Levels \u2013 $51,300, followed by $50,500.<\/p>\n

Major Resistance Levels \u2013 $52,200, $52,500, and $52,800.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is correcting gains from the $52,500 resistance. BTC must stay above the $50,500 support to remain in a bullish zone this month.<\/em><\/p>\n

Bitcoin price is struggling to clear the $52,800 resistance zone.
\nThe price is trading below $52,200 and the 100 hourly Simple moving average.
\nThere was a break below a key bullish trend line with support at $52,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh increase unless there is a clear move below the $50,500 support.<\/p>\n

Bitcoin Price Faces Hurdles<\/h2>\n

Bitcoin price made another attempt to gain strength above the $52,000 resistance zone<\/a>. BTC broke the $52,200 level, but the bears were still active near the $52,500 level.<\/p>\n

A high was formed near $52,475 and the price is now correcting gains<\/a>. There was a move below the $52,000 level. The pair traded below the 50% Fib retracement level of the upward move from the $50,581 swing low to the $52,475 high.<\/p>\n

Besides, there was a break below a key bullish trend line with support at $52,200 on the hourly chart of the BTC\/USD pair. Bitcoin is now trading below $52,000 and the 100 hourly Simple moving average.<\/p>\n

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

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

Immediate resistance is near the $52,000 level. The next key resistance could be $52,200, above which the price could rise toward the $52,500 resistance zone. The main resistance is still near the $52,800 level. A clear move above the $52,800 resistance could send the price toward the $53,500 resistance. The next resistance could be near the $55,000 level.<\/p>\n

More Losses In BTC?<\/h2>\n

If Bitcoin fails to rise above the $52,200 resistance zone, it could start another decline in the near term. Immediate support on the downside is near the $51,300 level and the 61.8% Fib retracement level of the upward move from the $50,581 swing low to the $52,475 high.<\/p>\n

The first major support is $51,000. If there is a close below $51,000, the price could gain bearish momentum. In the stated case, the price could decline toward the $50,500 support zone, below which the price might turn bearish in the short term.<\/p>\n

Technical indicators:<\/p>\n

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

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

Major Support Levels \u2013 $51,300, followed by $50,500.<\/p>\n

Major Resistance Levels \u2013 $52,200, $52,500, and $52,800.<\/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-36257","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\/36257","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=36257"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36257\/revisions"}],"predecessor-version":[{"id":36268,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36257\/revisions\/36268"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=36257"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=36257"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=36257"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}