The bitcoin price has once again failed to beat the resistance at the $53,000 level. After the renewed rejection, Bitcoin has fallen below the $52,000 level again and, according to NewsBTC analysts, this increases the chance of further declines.
Bitcoin price drops again
The bulls have not been able to get Bitcoin to start a new rise above the resistance zone of $52,200. The price even briefly visited the level of 50,500 dollars. However, there was sufficient support, allowing the digital currency to recover somewhat.
In the meantime, however, a small downward trend appears to be slowly forming. Bitcoin is currently trading not only below $52,000, but also below the 100-hour moving average.
Furthermore, we see a declining trend line forming (blue line) that must be broken to resume the positive momentum. But do the bulls have that in them in the coming period? That is the question.
Bitcoin usually has to deal with a significant dip before a halving, which is now still 2 months away. So it could be that the bulls have to take a break for a while.
More declines to come?
If the bitcoin price fails to regain the $52,000 level, it could cause new declines, according to analysts at NewsBTC. We encounter the first support at the bottom for bitcoin at the price level of $ 51,100.
After that, the first major support is at $50,500. Losing that level could really boost bearish momentum. In that case, according to NewsBTC, we would even have to worry about a bitcoin price of $49,200.
The Moving Average Convergence Divergence (MACD) is also starting to gain momentum in the bearish zone. This is usually not a good signal for the bitcoin price, but note that this is about the hourly chart.
This does not necessarily mean that bitcoin also sends bearish signals on the higher time frames.
Source: https://bitcoinmagazine.nl/nieuws/bitcoin-houdt-stand-maar-risico-op-terugval-is-verhoogd
