fxs_header_sponsor_anchor

Bitcoin Price Analysis: BTC looks set for further downside towards $52,300 support

  • BTC/USD bounces off one-week low after extending downside break of one-month-old support line.
  • MACD flashes most bearish signals in two weeks.
  • 50-day SMA adds to the support, February top can probe buyers beyond previous support.

Bitcoin bears catch a breather around $54,850 following a heavy downfall to $53,756 on late Monday. In doing so, the crypto major portrays a corrective pullback after declining to the lowest in one week on the key support line breakdown.

Even if the BTC/USD manages to bounce towards the $55,000 resistance, the sellers remain hopeful unless the quote reverses the latest trend line break. Also suggesting further downside could be the most bearish MACD since March 06.

Hence, bitcoin bears can aim for an ascending support line from January 27, currently around $52,300, despite the latest recovery moves. Though, any further weakness will be challenged by the $50,000 threshold and 50-day SMA level of $49,970.

Meanwhile, recovery moves beyond the $55,000 immediate resistance need to cross the previous support line, at $57,300, to challenge the February high of $57,567.

Also likely to test the BTC/USD bulls is $58,980 and the $60,000 round-figure, a break of which will post a serious challenge to the record top of $61,774.

BTC/USD daily chart

Trend: Further weakness expected

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.