Bitcoin Price Analysis: BTC looks set for further downside towards $52,300 support


  • BTC/USD bounces off one-week low after extending downside break of one-month-old support line.
  • MACD flashes most bearish signals in two weeks.
  • 50-day SMA adds to the support, February top can probe buyers beyond previous support.

Bitcoin bears catch a breather around $54,850 following a heavy downfall to $53,756 on late Monday. In doing so, the crypto major portrays a corrective pullback after declining to the lowest in one week on the key support line breakdown.

Even if the BTC/USD manages to bounce towards the $55,000 resistance, the sellers remain hopeful unless the quote reverses the latest trend line break. Also suggesting further downside could be the most bearish MACD since March 06.

Hence, bitcoin bears can aim for an ascending support line from January 27, currently around $52,300, despite the latest recovery moves. Though, any further weakness will be challenged by the $50,000 threshold and 50-day SMA level of $49,970.

Meanwhile, recovery moves beyond the $55,000 immediate resistance need to cross the previous support line, at $57,300, to challenge the February high of $57,567.

Also likely to test the BTC/USD bulls is $58,980 and the $60,000 round-figure, a break of which will post a serious challenge to the record top of $61,774.

BTC/USD daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 54623.71
Today Daily Change -2746.68
Today Daily Change % -4.79%
Today daily open 57370.39
 
Trends
Daily SMA20 54847.9
Daily SMA50 49538.39
Daily SMA100 39959.09
Daily SMA200 26839.72
 
Levels
Previous Daily High 58643.46
Previous Daily Low 55540.66
Previous Weekly High 61675.77
Previous Weekly Low 53233.56
Previous Monthly High 58355.76
Previous Monthly Low 32336.85
Daily Fibonacci 38.2% 56725.93
Daily Fibonacci 61.8% 57458.19
Daily Pivot Point S1 55726.21
Daily Pivot Point S2 54082.03
Daily Pivot Point S3 52623.41
Daily Pivot Point R1 58829.01
Daily Pivot Point R2 60287.64
Daily Pivot Point R3 61931.81

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

US Treasury to launch formal review on stablecoins, Tether scrutinized ahead of oversight talks

The United States Treasury Department is preparing to present a report to the President’s Working Group for Financial Markets on stablecoin risks.

More Tether news

ICX Price Prediction: ICON prepares for 20% descent as bulls fade away

ICON price looks ready for a swift downswing after an explosive run over the past ten days. The crypto markets’ slowdown after the recent run-up makes this bearish scenario a perfect fit.

More Icon news

Avalanche Foundation raises $230 million to accelerate DeFi growth, AVAX surges to new record high

The Avalanche Foundation has announced a new investment round from a venture capital group led by Polychain Capital and Three Arrows Capital. The $230 million raised will support liquidity on the network’s DeFi ecosystem.

More Cryptocurrencies News

Ethereum Classic Price Prediction: ETC coils up for 40% upswing

Ethereum Classic price has been consolidating for about nine days without a clear directional bias. However, ETC shows that it is nearing a crucial support floor on a higher time frame, and an uptrend seems likely.

More Ethereum Classic news

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP