{"id":36303,"date":"2024-02-21T03:52:45","date_gmt":"2024-02-21T07:52:45","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=36303"},"modified":"2024-02-21T03:52:45","modified_gmt":"2024-02-21T07:52:45","slug":"bitcoin-price-sits-in-range-with-sharp-moves-50k-is-the-key","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/02\/21\/bitcoin-price-sits-in-range-with-sharp-moves-50k-is-the-key\/","title":{"rendered":"Bitcoin Price Sits In Range With Sharp Moves, $50K Is The Key"},"content":{"rendered":"

Bitcoin price spiked toward the $53,200 resistance. BTC is trading in a major range and still holding gains above the $50,000 support zone.<\/em><\/p>\n

Bitcoin price is struggling to clear the $52,500 resistance zone.
\nThe price is trading below $52,400 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance at $52,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could dip toward the $51,600 support before it attempts a fresh increase.<\/p>\n

Bitcoin Price Holds Ground<\/h2>\n

Bitcoin price made another attempt to gain strength above the $52,200 resistance zone<\/a>. BTC broke the $52,500 level and even spiked above $52,800. However, the bears were active near the $53,000 level.<\/p>\n

A new multi-week high was formed near $52,991 and the price dived toward $50,500. A low was formed at $50,663 and the price is now attempting a fresh increase. There was a move above the $51,600 level. The price climbed above the 50% Fib retracement level of the downward move from the $52,991 swing high to the $50,663 low.<\/p>\n

Bitcoin is now trading below $52,400 and the 100 hourly Simple moving average<\/a>. There is also a connecting bearish trend line forming with resistance at $52,300 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance is near the $52,200 level. The next key resistance could be $52,400 or the trend line or the 76.4% Fib retracement level of the downward move from the $52,991 swing high to the $50,663 low, above which the price could rise toward the $52,800 resistance zone.<\/p>\n

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

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

The main resistance is now near the $53,000 level. A clear move above the $53,000 resistance could send the price toward the $53,500 resistance. The next resistance could be near the $54,200 level.<\/p>\n

Another Drop In BTC?<\/h2>\n

If Bitcoin fails to rise above the $52,400 resistance zone, it could start another decline in the near term. Immediate support on the downside is near the $51,600 level.<\/p>\n

The first major support is $51,200. If there is a close below $51,200, 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 above the 50 level.<\/p>\n

Major Support Levels \u2013 $51,600, followed by $51,200.<\/p>\n

Major Resistance Levels \u2013 $52,200, $52,400, and $52,800.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price spiked toward the $53,200 resistance. BTC is trading in a major range and still holding gains above the $50,000 support zone.<\/em><\/p>\n

Bitcoin price is struggling to clear the $52,500 resistance zone.
\nThe price is trading below $52,400 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance at $52,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could dip toward the $51,600 support before it attempts a fresh increase.<\/p>\n

Bitcoin Price Holds Ground<\/h2>\n

Bitcoin price made another attempt to gain strength above the $52,200 resistance zone<\/a>. BTC broke the $52,500 level and even spiked above $52,800. However, the bears were active near the $53,000 level.<\/p>\n

A new multi-week high was formed near $52,991 and the price dived toward $50,500. A low was formed at $50,663 and the price is now attempting a fresh increase. There was a move above the $51,600 level. The price climbed above the 50% Fib retracement level of the downward move from the $52,991 swing high to the $50,663 low.<\/p>\n

Bitcoin is now trading below $52,400 and the 100 hourly Simple moving average<\/a>. There is also a connecting bearish trend line forming with resistance at $52,300 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance is near the $52,200 level. The next key resistance could be $52,400 or the trend line or the 76.4% Fib retracement level of the downward move from the $52,991 swing high to the $50,663 low, above which the price could rise toward the $52,800 resistance zone.<\/p>\n

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

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

The main resistance is now near the $53,000 level. A clear move above the $53,000 resistance could send the price toward the $53,500 resistance. The next resistance could be near the $54,200 level.<\/p>\n

Another Drop In BTC?<\/h2>\n

If Bitcoin fails to rise above the $52,400 resistance zone, it could start another decline in the near term. Immediate support on the downside is near the $51,600 level.<\/p>\n

The first major support is $51,200. If there is a close below $51,200, 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 above the 50 level.<\/p>\n

Major Support Levels \u2013 $51,600, followed by $51,200.<\/p>\n

Major Resistance Levels \u2013 $52,200, $52,400, 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-36303","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\/36303","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=36303"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36303\/revisions"}],"predecessor-version":[{"id":36311,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36303\/revisions\/36311"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=36303"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=36303"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=36303"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}