Bitcoin’s price has found support near the $52,500 mark, attempting to regain lost ground but encountering significant resistance around the $55,200 and $55,500 levels. The cryptocurrency is grappling to breach the $55,500 zone, trading below $55,200 and the 100-hour simple moving average. A key bearish trend line is forming, providing resistance at $55,200 on the BTC/USD hourly chart.
The price took a dip, breaking the $55,500 support, and even descending below $53,200, hitting a low at $52,569. However, Bitcoin is now mounting a recovery, pushing above the $53,200 and $54,000 resistance thresholds. This movement has surpassed the 23.6% Fibonacci retracement level of the downward trajectory from a $58,508 high to the $52,569 low. Despite this, the recovery is still stalling below $55,500.
Bitcoin remains under $55,200 and the 100-hour SMA, with immediate resistance looming at $55,200. The bearish trend line intersects here, aligning closely with the 50% Fibonacci retracement level from the prior high to the recent low. The foremost resistance to overcome is at $55,500—breaking this could drive the price higher in the short term.
Should momentum push past the $55,500 mark, the next resistance point is anticipated at $56,200. A decisive close above this level might trigger further gains, potentially reaching up to the $57,500 resistance.
Conversely, failing to surpass the $55,500 resistance could see Bitcoin facing another decline. Immediate support lies at $54,000, with significant backing at $53,200. Further decline could lead the price towards the $52,500 support zone, and continued losses might push it down to $51,800.
Technical indicators show the hourly MACD losing momentum in the bullish zone, while the RSI for BTC/USD has edged above the 50 level. Major support levels to watch are $54,000, followed by $53,200, and major resistance levels are $55,200 and $55,500.
