After failing to break through the $52,000 resistance area, Bitcoin has begun to correct and is trading below the $50,000 support.
Bitcoin made another attempt to clear the $51,800 resistance area to move towards the stiff $52,000 resistance.
It seems like a double top has formed near $52,000 after the bulls failed to hold the upside and broke below the $51,200 and $50,500 support levels.
A drop below $49,000 can push the price towards the $48,800 support. Any subsequent correction will push the price towards the $47,500 support area.
If Bitcoin manages to sustain above the $49,500 support area, the asset could bounce back. The immediate resistance on the upside is near $50,000.
The next key resistance could be $50,800 and the 100 hourly SMA. A clear break above the $50,800 resistance area could kick off a fresh rally. The next point to look at for the bulls might be near the $51,800 level.
Technical indicators:
- Hourly MACD gradually accelerates in the bearish zone.
- The hourly RSI of BTC/USD is much lower than the 50 level.
- Key support levels: $49,500 and $47,500.
- Key resistance levels: $50,000, $50,800 and $51,800.
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