Following a strong crash to $40,000, Bitcoin price is trying to recover. In order to do that, BTC must surpass $50,000 indefinitely. Here is a summary of Bitcoin price in the past 24 hours:
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- BTC surpassed the $47,000 and $47,500 resistance levels.
- Currently, the price is below $50,000 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, we have an uptrend with support level at $48,600.
- In case BTC breaks through the $50,000 resistance, there will be a notable uptrend in short-term.
Bitcoin Price Action Analysis
BTC failed to stabilize above the $52,000 and $50,000 resistance levels. Subsequently, a strong plunge brought the price below many crucial support levels specially $48,000. At one point, BTC dipped below $45,000 and the lowest recorded price is at $40,150. Right now, the price is trying to recover. For this case, BTC has regained the $45,000 and penetrated the 50% Fibonacci retracement level from the latest fall from $57,688 to $40,150.
Currently, the price is below $50,000 and the 1-hour candles are below the SMA100. For the 1-hour chart, we see an uptrend with support level at $48,600.
The first resistance level is at $49,600 followed by the $50,000. Following them, the $50,900 near the $61.8% Fibonacci retracement level will be next in line.
In case of a successful breakthrough from the $50,900, the price could finally grow in short-term. At that point, the next resistance level is expected at $52,500 followed by $53,500.
On the other hand, if Bitcoin price fails to surpass the $50,000 resistance level, the bear market will continue. For that scenario, the first support level will be at $48,500 followed by $47,500. If BTC dips below the $47,500, we will have another strong plunge. The next stop will be at $45,000.
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 50.
Resistance levels: Right now, the $50,000, $50,900 and $52,500 are currently the crucial support levels for BTC.
Support levels: The $48,500 and $45,000 are currently the crucial support levels for the price.
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