Bitcoin price extended its decline and tested the $ 45,000 support against the US dollar. BTC is currently recovering losses. However, the $ 52,000 zone is likely to act as a strong resistance.
New targets for Bitcoin
Bitcoin dropped below $ 50,000 and even tested the $ 45,000 support zone.
The price is recovering towards $ 50,000 and is well below the 100 hourly simple moving average.
The hourly chart of the BTC / USD pair features a key bearish trend line with resistance near $ 51,200.
Previous support, near $ 51,800 and $ 52,000, could act as a strong hurdle.
If Bitcoin cannot continue to rise above the trendline resistance and above $ 51,800, there is a possibility of another fall. Initial downside support is near the $ 48,000 level.
The main support is currently formed near the $ 45,000 zone. If there is a clear break below the $ 45,000 support, the price could drop by 8% -10% in the near term. The next major support is located near the $ 40,000 level.
Hourly MACD: The MACD is slowly gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC / USD has now risen above the 50 level.
Major Support Levels: $ 48,000 followed by $ 45,000.
Major Resistance Levels: $ 51,800, $ 52,000 and $ 55,000.