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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin Price Rally In Jeopardy? Decoding Key Hurdles To More Upsides

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin price is attempting a fresh increase above the $52,000 resistance. BTC must clear the $52,800 resistance to continue higher in the near term.

  • Bitcoin price is gaining pace above the $52,800 resistance zone.
  • The price is trading above $52,000 and the 100 hourly Simple moving average.
  • There was a break above a key bearish trend line with resistance at $51,880 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move up if it clears the $52,800 resistance zone.

Bitcoin Price Eyes More Gains

Bitcoin price started a downside correction from the $52,800 resistance zone. BTC corrected lower below the $52,000 and $51,500 levels. However, the bulls were active above the $50,500 zone.

A low was formed near $50,581 and the price is now attempting a fresh increase. There was a move above the $51,200 and $51,500 resistance levels. The price cleared the 50% Fib retracement level of the downward move from the $52,843 swing high to the $50,581 low.

Besides, there was a break above a key bearish trend line with resistance at $51,880 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $52,000 and the 100 hourly Simple moving average.

Bitcoin Price

Source: BTCUSD on TradingView.com

Immediate resistance is near the $52,300 level. It is near the 76.4% Fib retracement level of the downward move from the $52,843 swing high to the $50,581 low. The next key resistance could be $52,800, above which the price could extend its rally. The next stop for the bulls may perhaps be $53,200. A clear move above the $53,200 resistance could send the price toward the $54,000 resistance. The next resistance could be near the $55,000 level.

Another Decline In BTC?

If Bitcoin fails to rise above the $52,300 resistance zone, it could start another downside correction in the near term. Immediate support on the downside is near the $51,850 level and the trend line.

The first major support is $51,300. If there is a close below $51,300, the price could gain bearish momentum. In the stated case, the price could decline toward the $50,500 support zone.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

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

Major Support Levels – $51,850, followed by $51,300.

Major Resistance Levels – $52,300, $52,800, and $54,000.

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Aayush Jindal
Aayush Jindal

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.

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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.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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