{"id":36343,"date":"2024-02-22T03:52:37","date_gmt":"2024-02-22T07:52:37","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=36343"},"modified":"2024-02-22T03:52:37","modified_gmt":"2024-02-22T07:52:37","slug":"bitcoin-price-holds-ground-but-risk-of-pullback-keeps-rising","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/02\/22\/bitcoin-price-holds-ground-but-risk-of-pullback-keeps-rising\/","title":{"rendered":"Bitcoin Price Holds Ground But Risk of Pullback Keeps Rising"},"content":{"rendered":"

Bitcoin price failed again to clear the $53,000 resistance. BTC is now back below $52,000 and there are chances of a downside break below the $50,500 support.<\/em><\/p>\n

Bitcoin price is struggling to clear the $52,000 resistance zone.
\nThe price is trading below $52,000 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance at $51,550 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could gain bearish momentum if there is a move below the $50,500 support.<\/p>\n

Bitcoin Price Dips Again<\/h2>\n

Bitcoin price failed to start a fresh increase above the $52,200 resistance zone<\/a>. BTC settled below $52,000 and slowly moved lower. There was a drop below the $51,500 level.<\/p>\n

The price even revisited the $50,500 support zone. A low was formed at $50,636 and the price is now attempting a recovery wave. There was a move above the $51,000 level. The price spiked toward the 50% Fib retracement level of the downward move from the $52,991 swing high to the $50,636 low.<\/p>\n

Bitcoin is now trading below $52,000 and the 100 hourly Simple moving average<\/a>. There is also a connecting bearish trend line forming with resistance at $51,550 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance is near the $51,550 level. The next key resistance could be $51,800, above which the price could rise toward the $52,500 resistance zone. It is near the 76.4% Fib retracement level of the downward move from the $52,991 swing high to the $50,636 low.<\/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

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

If Bitcoin fails to rise above the $52,000 resistance zone, it could start another decline in the near term. Immediate support on the downside is near the $51,100 level.<\/p>\n

The first major support is $50,500. If there is a close below $50,500, the price could gain bearish momentum. In the stated case, the price could decline toward the $49,200 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 $51,100, followed by $50,500.<\/p>\n

Major Resistance Levels \u2013 $51,550, $51,800, and $52,500.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price failed again to clear the $53,000 resistance. BTC is now back below $52,000 and there are chances of a downside break below the $50,500 support.<\/em><\/p>\n

Bitcoin price is struggling to clear the $52,000 resistance zone.
\nThe price is trading below $52,000 and the 100 hourly Simple moving average.
\nThere is a connecting bearish trend line forming with resistance at $51,550 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could gain bearish momentum if there is a move below the $50,500 support.<\/p>\n

Bitcoin Price Dips Again<\/h2>\n

Bitcoin price failed to start a fresh increase above the $52,200 resistance zone<\/a>. BTC settled below $52,000 and slowly moved lower. There was a drop below the $51,500 level.<\/p>\n

The price even revisited the $50,500 support zone. A low was formed at $50,636 and the price is now attempting a recovery wave. There was a move above the $51,000 level. The price spiked toward the 50% Fib retracement level of the downward move from the $52,991 swing high to the $50,636 low.<\/p>\n

Bitcoin is now trading below $52,000 and the 100 hourly Simple moving average<\/a>. There is also a connecting bearish trend line forming with resistance at $51,550 on the hourly chart of the BTC\/USD pair.<\/p>\n

Immediate resistance is near the $51,550 level. The next key resistance could be $51,800, above which the price could rise toward the $52,500 resistance zone. It is near the 76.4% Fib retracement level of the downward move from the $52,991 swing high to the $50,636 low.<\/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

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

If Bitcoin fails to rise above the $52,000 resistance zone, it could start another decline in the near term. Immediate support on the downside is near the $51,100 level.<\/p>\n

The first major support is $50,500. If there is a close below $50,500, the price could gain bearish momentum. In the stated case, the price could decline toward the $49,200 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 $51,100, followed by $50,500.<\/p>\n

Major Resistance Levels \u2013 $51,550, $51,800, and $52,500.<\/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-36343","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\/36343","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=36343"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36343\/revisions"}],"predecessor-version":[{"id":36351,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36343\/revisions\/36351"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=36343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=36343"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=36343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}