Bitcoin Price Rebounds, But Could the Downtrend Return?

Bitcoin worth remained supported close to the $52,500 zone. BTC is recovering losses and dealing with hurdles close to the $55,200 and $55,500 ranges.

Bitcoin is struggling to get well above the $55,500 zone.
The worth is buying and selling under $55,200 and the 100 hourly Easy shifting common.
There’s a key bearish development line forming with resistance at $55,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair may wrestle to get well above the $55,500 or $56,000 resistance ranges within the close to time period.

Bitcoin Worth Goals Restoration

Bitcoin worth remained in a bearish zone and prolonged losses under the $55,500 help zone. BTC even declined under the $53,200 degree. It examined the $52,500 zone. A low was shaped at $52,569 and the value is now making an attempt a restoration wave.

There was a transfer above the $53,200 and $54,000 resistance ranges. It cleared the 23.6% Fib retracement degree of the downward transfer from the $58,508 swing excessive to the $52,569 low. Nonetheless, the value is now struggling to get well above the $55,500 zone.

Bitcoin is now buying and selling under $55,200 and the 100 hourly Easy shifting common. On the upside, the value may face resistance close to the $55,200 degree. There’s additionally a key bearish development line forming with resistance at $55,200 on the hourly chart of the BTC/USD pair.

The development line is near the 50% Fib retracement degree of the downward transfer from the $58,508 swing excessive to the $52,569 low. The primary key resistance is close to the $55,500 degree. A transparent transfer above the $55,500 resistance would possibly ship the value additional larger within the coming classes.

The following key resistance might be $56,200. An in depth above the $56,200 resistance would possibly spark extra upsides. Within the acknowledged case, the value may rise and take a look at the $57,500 resistance.

One other Decline In BTC?

If Bitcoin fails to rise above the $55,500 resistance zone, it may begin one other decline. Speedy help on the draw back is close to the $54,000 degree.

The primary main help is $53,200. The following help is now close to the $52,500 zone. Any extra losses would possibly ship the value towards the $51,800 help within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bullish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 degree.

Main Assist Ranges – $54,000, adopted by $53,200.

Main Resistance Ranges – $55,200, and $55,500.