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Bitcoin Price Accumulation – Risk of Pullback Escalates Below $52K

February 25, 2024
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Bitcoin worth is struggling to rise above the $52,000 resistance. BTC is now prone to a draw back break under the $50,500 assist zone.

Bitcoin worth is struggling to clear the $52,000 resistance zone.
The worth is buying and selling under $51,800 and the 100 hourly Easy shifting common.
There’s a bearish flag forming with assist at $51,120 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
The pair might begin a significant pullback if there’s a transfer under the $50,500 assist.

Bitcoin Value Struggles Beneath $52K

Bitcoin worth remained in a short-term destructive zone under the $52,200 resistance zone. BTC settled under $51,800 and slowly moved decrease. There was a drop under the $51,200 degree earlier than there was a minor restoration.

The worth recovered a number of factors above the $51,500 degree. There was a transfer above the 50% Fib retracement degree of the downward wave from the $52,990 swing excessive to the $50,636 low. Nonetheless, the bears have been energetic close to the $52,000 resistance zone.

Bitcoin is now buying and selling under $51,800 and the 100 hourly Easy shifting common. There’s additionally a bearish flag forming with assist at $51,120 on the hourly chart of the BTC/USD pair.

Instant resistance is close to the $51,800 degree. The subsequent key resistance could possibly be $52,000, above which the value might rise towards the $52,500 resistance zone. It’s close to the 76.4% Fib retracement degree of the downward wave from the $52,990 swing excessive to the $50,636 low.

Supply: BTCUSD on TradingView.com

The principle resistance is now close to the $53,000 degree. A transparent transfer above the $53,000 resistance might ship the value towards the $53,500 resistance. The subsequent resistance could possibly be close to the $54,200 degree.

Draw back Break In BTC?

If Bitcoin fails to rise above the $51,800 resistance zone, it might begin one other decline within the close to time period. Instant assist on the draw back is close to the $51,100 degree and the channel pattern line.

The primary main assist is $50,550. If there’s a shut under $50,550, the value might begin a good pullback. Within the said case, the value might decline towards the $49,500 assist zone, under which the value may even check $49,200.

Technical indicators:

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

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

Main Help Ranges – $51,100, adopted by $50,550.

Main Resistance Ranges – $51,800, $52,000, and $52,500.

Disclaimer: The article is offered 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’re suggested to conduct your personal analysis earlier than making any funding selections. Use info offered on this web site solely at your personal threat.



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Tags: 52KAccumulationBitcoinEscalatesPricePullbackRisk
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