Bitcoin fell sharply, and its exchange rate against the US dollar even soared to US$40,000. BTC is recovering, but it must clear $50,000 to grow steadily in the short term.
- Bitcoin is trying to recover above the USD 47,000 and USD 47,500 levels.
- The price is now below $50,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD currency pair (data feed from Kraken), a key bullish trend line is formed, and the support level is near $48,600.
- If it clearly breaks the 50,000 USD, the currency pair may start to rise sharply.
Bitcoin price is regaining lost ground
Bitcoin price failed to stay above the USD 52,000 and USD 50,000 support levels. BTC fell sharply, broke more Important support Close to the level of 48,000 USD.
It even fell below the US$45,000 level and approached the US$40,000 level. A low was formed near $40,150, and now prices are regaining lost ground. It climbed above the $45,000 resistance zone. It broke the 50% Fibonacci retracement level of the recent decline and fell from a swing high of $57,688 to a low of $40,150.
It is currently trading at less than $50,000, and 100 hour simple moving averageOn the hourly chart of the BTC/USD currency pair, there is also a key bullish trend line formed, and the support level is around 48,600 USD.
The immediate resistance on the upside is near the $49,600 level. The first major resistance is near $60,000. The next major resistance is near $50,900. It is close to the 61.8% Fibonacci retracement level of the recent decline, falling from a swing high of $57,688 to a low of $40,150.
Source: BTCUSD on TradingView.com
A clear break of the $50,900 resistance zone may open the door for more gains. The next key resistance is near the $52,500 level, above which the price may rise steadily. The next stop for the bulls may be close to the $53,500 level.
BTC lose more?
If Bitcoin fails to break through the $50,000 resistance zone, it may expand its losses. The immediate downside support is near $48,500.
The first major support level is now formed near $47,500. A break below the $47,500 support level may begin to fall sharply. The next stop for the bears may be $55,000.
Hourly MACD – MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index)-The RSI for BTC/USD is currently close to the 50 level.
The main support level is 48,500 USD, followed by 45,000 USD.
The main resistance levels-50,000 USD, 50,900 USD and 52,500 USD.