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Bitcoin Price Sits In Range With Sharp Moves, $50K Is The Key

21 February 2024
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Bitcoin worth spiked towards the $53,200 resistance. BTC is buying and selling in a significant vary and nonetheless holding good points above the $50,000 help zone.

Bitcoin worth is struggling to clear the $52,500 resistance zone.
The value is buying and selling under $52,400 and the 100 hourly Easy transferring common.
There’s a connecting bearish pattern line forming with resistance at $52,300 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair may dip towards the $51,600 help earlier than it makes an attempt a recent enhance.

Bitcoin Worth Holds Floor

Bitcoin worth made one other try to realize energy above the $52,200 resistance zone. BTC broke the $52,500 degree and even spiked above $52,800. Nonetheless, the bears had been lively close to the $53,000 degree.

A brand new multi-week excessive was fashioned close to $52,991 and the worth dived towards $50,500. A low was fashioned at $50,663 and the worth is now trying a recent enhance. There was a transfer above the $51,600 degree. The value climbed above the 50% Fib retracement degree of the downward transfer from the $52,991 swing excessive to the $50,663 low.

Bitcoin is now buying and selling under $52,400 and the 100 hourly Easy transferring common. There’s additionally a connecting bearish pattern line forming with resistance at $52,300 on the hourly chart of the BTC/USD pair.

Speedy resistance is close to the $52,200 degree. The subsequent key resistance might be $52,400 or the pattern line or the 76.4% Fib retracement degree of the downward transfer from the $52,991 swing excessive to the $50,663 low, above which the worth may rise towards the $52,800 resistance zone.

Supply: BTCUSD on TradingView.com

The primary resistance is now close to the $53,000 degree. A transparent transfer above the $53,000 resistance may ship the worth towards the $53,500 resistance. The subsequent resistance might be close to the $54,200 degree.

One other Drop In BTC?

If Bitcoin fails to rise above the $52,400 resistance zone, it may begin one other decline within the close to time period. Speedy help on the draw back is close to the $51,600 degree.

The primary main help is $51,200. If there’s a shut under $51,200, the worth may acquire bearish momentum. Within the said case, the worth may decline towards the $50,500 help zone, under which the worth may flip bearish within the brief time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now above the 50 degree.

Main Help Ranges – $51,600, adopted by $51,200.

Main Resistance Ranges – $52,200, $52,400, and $52,800.

Disclaimer: The article is supplied for instructional functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your personal analysis earlier than making any funding choices. Use info supplied on this web site solely at your personal danger.



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Tags: 50KBitcoinKeyMovesPriceRangeSharpSits
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