Bitcoin price has recently spiked toward the $53,200 resistance level. Despite this upward movement, BTC is currently struggling to break above the $52,500 resistance zone. The price is also trading below $52,400 and the 100 hourly Simple Moving Average, indicating a potential bearish trend in the short term.
Looking at the hourly chart of the BTC/USD pair, we can see a connecting bearish trend line forming with resistance at $52,300. This suggests that the price may face some obstacles on its way up. The immediate support is near the $51,600 level, with the first major support at $51,200. If Bitcoin fails to rise above the $52,400 resistance zone, it could potentially start another decline in the near term.
Bitcoin made an attempt to surpass the $52,200 resistance level and even spiked above $52,800. However, bears were active near the $53,000 level, resulting in a new multi-week high at $52,991. Subsequently, the price dropped toward $50,500, forming a low at $50,663. Despite this, the price is now showing signs of a potential increase, with a move above the $51,600 level.
The hourly MACD is currently gaining pace in the bearish zone, indicating a possible downtrend. On the other hand, the hourly RSI for BTC/USD is above the 50 level, suggesting that there may be some bullish momentum building up.
If Bitcoin manages to break above the $53,000 resistance level, it could potentially reach the $53,500 resistance zone, with the next hurdle at around $54,200. However, if the price fails to surpass the $52,400 resistance zone, we might see a decline toward the $50,500 support zone.
Bitcoin price is currently facing resistance near the $52,400 level and must break above this key level to confirm further upward movement. Traders are advised to keep a close eye on the price action and key support and resistance levels to make informed investment decisions. Remember, investing in cryptocurrencies carries risks, and it is essential to conduct thorough research before making any financial decisions.