TA: Bitcoin Recovers From $45K, Why It Could Struggle Near $52K

Aayush Jindal

Last Updated: June 11, 2024 2:13 pm

2 mins read

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Bitcoin price extended its decline and tested the $45,000 support against the US Dollar. BTC is now recovering losses, but the $52,000 zone is likely to act as a strong resistance.

Bitcoin declined heavily below $50,000 and it even tested the $45,000 support zone.
The price is recovering towards $50,000 and it is well below the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $51,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The previous support near $51,800 and $52,000 could act as a strong barrier.

Bitcoin Price is Approaching Hurdles

There were heavy losses in bitcoin below the $52,000 and $50,000 support levels. BTC even tested the $45,000 support zone and it settled well below the 100 hourly simple moving average.

A low is formed near $44,960 and the price is currently recovering losses. It corrected above the $46,500 and $48,000 resistance levels. There was a break above the 23.6% Fib retracement level of the downward move from the $58,400 swing high to $44,960 low.

Source: BTCUSD on TradingView.com

It is now testing the $50,000 resistance, but it is still well below the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $51,200 on the hourly chart of the BTC/USD pair. The first major resistance is now forming near the $51,800 level.

The 50% Fib retracement level of the downward move from the $58,400 swing high to $44,960 low is also near $51,800. A close above the $51,800 and $52,000 resistance levels is must for a fresh increase towards $55,000 in the near term.

Another Dip in BTC?

If bitcoin fails to continue higher above the trend line resistance and $51,800, there are chances of another dip. An initial support on the downside is near the $48,000 level.

The main support is now forming near the $45,000 zone. If there is a clear break below the $45,000 support, the price could dive 8%-10% in the near term. The next major support sits near the $40,000 level.

Technical indicators:

Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now back above the 50 level.

Major Support Levels – $48,000, followed by $45,000.

Major Resistance Levels – $51,800, $52,000 and $55,000.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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