Bitcoin price is yet again trying to surpass $50,000. In case BTC remains below $50k, it could have a strong decline in short-term. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin is showing bearish signs below the crucial $50,000 resistance level.
- Currently, the price is below $50,000 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, we can see BTC has dipped below an upward channel at $49,500.
- BTC must stabilize above $50,000 in order to have growth in short-term and prevent a plunge.
Bitcoin Price Action Analysis
BTC started to recover starting from $47,000. It managed to surpass $48,500 and $49,000. At some point, it went above $50,000 and the SMA100.
However, the $50,800kicked the price down. The highest recorded price in the past few hours has also been $50,788 before turning bearish. With that, Bitcoin lost the $50,000 level once again. It dipped below the 50% Fibonacci retracement level from the latest rise from $46,943 to $50,788. Furthermore, in the 1-hour chart, the price lost the support level of an upward price channel at $49,500. As of now, the price is below $50,000 and the 1-hour candles are below the SMA100.
The first resistance level is at $49,200 followed closely by $49,500. Yet, the primary resistance level is the $50,000. In case the 24-hour candle closes above $50k, Bitcoin can finally bounce back. The next resistance level is expected at $50,800 which could pave the way to reach $52,000.
On the other hand, if Bitcoin price fails to surpass the $50,000, the price could decline in short-term. In that case, the $48,500 will be the first support level followed by $48,400. This level is close to the 61.8% Fibonacci retracement level. Dipping below $48,400 could bring BTC close to the breakdown support at $47,000.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward movement.
RSI: the 1-hour relative strength index is currently below 50.
Resistance levels: Right now, the $49,200, $50,000 and $50,800 are currently the crucial support levels for BTC.
Support levels: The $48,400 and $47,000 are currently the crucial support levels for the price.
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