Bitcoin Price Consolidates Near $50K, Why BTC Bulls Could Fail Near $52.5K

Bitcoin price extended its decline below the $50,000 support against the US Dollar. BTC is now consolidating losses and it remains at a risk of more downside below $48,000. Bitcoin declined heavily below the $52,000 and $50,000 support levels. The price is now trading well below $52,000 and the 100 simple moving average (4-hours). There […]

Bitcoin Price Consolidates Near $50K, Why BTC Bulls Could Fail Near $52.5K

Bitcoin cost broadened its decrease beneath the $50,000 support against the US Dollar. BTC is currently merging misfortunes and it stays at a danger of more drawback beneath $48,000. Bitcoin declined intensely beneath the $52,000 and $50,000 support levels. The cost is currently exchanging great beneath $52,000 and the 100 straightforward moving normal (4-hours). There is a key bearish pattern line shaping with opposition close $52,800 on the 4-hours diagram of the BTC/USD pair (information feed from Kraken).

The pair could address misfortunes, yet it may confront opposition close $52,000 and $52,500. Bitcoin Price Turns Red This previous week, bitcoin value saw a consistent decrease from well above $60,000 against the US Dollar. The BTC/USD pair broke numerous significant backings close $55,000 and $52,500 to move into a bearish zone. The cost even broke the $50,000 level and it settled underneath the 100 basic moving normal (4-hours). It exchanged to another week by week low at $47,511 before it began merging misfortunes. There was a minor recuperation over the $48,000 and $48,500 levels. There was a recuperation over the 23.6% Fib retracement level of the new decrease from the $57,597 high to $47,511 low. It is currently merging close to the $50,000 level.