Bitcoin price held support near the $52,500 zone. BTC is recovering losses and facing hurdles near the $55,200 and $55,500 levels.
- Bitcoin is struggling to recover above the $55,500 zone.
- The price is trading below $55,200 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance at $55,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might struggle to recover above the $55,500 or $56,000 resistance levels in the near term.
Bitcoin price points to recovery
The price of Bitcoin remained in a bearish zone and extended losses below the $55,500 support zone. BTC even fell below the $53,200 level. It tested the $52,500 zone. A low was formed at $52,569 and the price is now attempting a recovery wave.
There was a move above the $53,200 and $54,000 resistance levels. It surpassed the 23.6% Fib retracement level of the downward move from the $58,508 high to $52,569 low. However, the price is now struggling to recover above the $55,500 zone.
Bitcoin is now trading below $55,200 and the 100 hour simple moving averageOn the upside, the price might face resistance near the $55,200 level. There is also a key bearish trend line forming with resistance at $55,200 on the hourly chart of the BTC/USD pair.
The trend line is close to the 50% Fib retracement level of the downward move from the $58,508 high to $52,569 low. The first key resistance is near the $55,500 level. A clear move above the $55,500 resistance could push the price higher in the coming sessions.
The next key resistance could be at $56,200. A close above the $56,200 resistance could trigger further gains. In such a case, the price could rise and test the $57,500 resistance.
Another BTC crash?
If Bitcoin fails to break above the $55,500 resistance zone, it could start another decline. The immediate support on the downside lies near the $54,000 level.
The first major support is at $53,200. The next support is now near the $52,500 zone. Any further losses could send the price towards the $51,800 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels: $54,000, followed by $53,200.
Major Resistance Levels: $55,200 and $55,500.
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