Bitcoin Price Analysis: BTC on the cusp of heavy losses, $51,000 probes bears


  • BTC/USD bears battle 50-day SMA following a downside break of two-month-old support line.
  • Late-February low lures sellers ahead of $41,300-450 key support-zone.
  • Bulls need to cross February top for re-entry.

Bitcoin fades recent corrective pullback while dropping back to $51,700 during early Friday. In doing so, the cryptocurrency major battles 50-day SMA while keeping Wednesday’s downside break of an ascending trend line from January 27.

Given the bearish MACD and downward sloping RSI, not overbought, favoring the key support break, now resistance, BTC/USD is up for further losses. However, a clear break below the $51,000 threshold, around 50-day SMA, becomes necessary for the sellers’ conviction.

Following that, the quote’s slump towards lows marked on February 10 and 28, respectively around $43,700 and $43,050, can’t be ruled out.

However, any further losses will be challenged by an area comprising 100-day SMA and early 2021 tops, near $41,450-300.

On the flip side, a corrective pullback beyond the previous support line, at $53,850 by the press time, will have to piece February top near $58,350 to convince the BTC/USD bulls.

BTC/USD daily chart

Trend: Further weakness expected

additional important levels

Overview
Today last price 51691.37
Today Daily Change -584.42
Today Daily Change % -1.12%
Today daily open 52275.79
 
Trends
Daily SMA20 55522.08
Daily SMA50 50708.96
Daily SMA100 40993.74
Daily SMA200 27489.35
 
Levels
Previous Daily High 57207.65
Previous Daily Low 51689.18
Previous Weekly High 61675.77
Previous Weekly Low 53233.56
Previous Monthly High 58355.76
Previous Monthly Low 32336.85
Daily Fibonacci 38.2% 53797.24
Daily Fibonacci 61.8% 55099.6
Daily Pivot Point S1 50240.77
Daily Pivot Point S2 48205.74
Daily Pivot Point S3 44722.3
Daily Pivot Point R1 55759.23
Daily Pivot Point R2 59242.68
Daily Pivot Point R3 61277.7

 

 


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