TA: Bitcoin Settles Below $50K, What Could Initiate A Fresh Rally

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,260,890,973,750	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,260,890,973,750

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	239.00	0.37%	64,131.52	64,131.52	64,131.53

Price Change

Price Change %

Current Price

Bid Price

Offer

239.00

0.37%

64,131.52

64,131.53

High Price	Low Price	Open Price	Prev. Close	52 Week Range
64,636.75	62,908.34	64,008.79	63,892.52	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

64,636.75

62,908.34

64,008.79

63,892.52

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	19:10:14	0.000809	64,131.52	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

19:10:14

0.000809

64,131.52

USD

Price x Volume	Volume	Base Symbol	Related Pairs
288,523,152.18	4,522.20	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

288,523,152.18

4,522.20

TA: Bitcoin Settles Below $50K, What Could Initiate A Fresh Rally

06/12/2021 3:08am

NEWSBTC

Bitcoin declined heavily and it even spiked towards $40K against the US Dollar. BTC is recovering, but it must clear $50K for a steady increase in the near term. Bitcoin is attempting a recovery wave above the $47,000 and $47,500 levels. The price is now trading below $50,000 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $48,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a decent upward move if there is a clear break above $50,000. Bitcoin Price is Recovering Losses Bitcoin price failed to stay above the $52,000 and $50,000 support levels. BTC declined heavily and broke many important supports near the $48,000 level. It even dived below the $45,000 level and traded close to the $40,000 level. A low was formed near $40,150 and the price is now recovering losses. It climbed above the $45,000 resistance zone. There was a break above the 50% Fib retracement level of the recent decline from the $57,688 swing high to $40,150 low. It is now trading below $50,000 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $48,600 on the hourly chart of the BTC/USD pair. An immediate resistance on the upside is near the $49,600 level. The first major resistance is near the $60,000 level. The next major resistance is near $50,900. It is close to the 61.8% Fib retracement level of the recent decline from the $57,688 swing high to $40,150 low. Source: BTCUSD on TradingView.com A clear break above the $50,900 resistance zone could open the doors for more upsides. The next key resistance is near the $52,500 level, above which the price could rise steadily. The next stop for the bulls may possibly be near the $53,500 level. More Losses In BTC? If bitcoin fails to clear the $50,000 resistance zone, it could extend losses. An immediate support on the downside is near the $48,500 level. The first major support is now forming near the $47,500 level. A downside break below the $47,500 support may perhaps start a sharp decline. The next stop for the bears might be $55,000. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the 50 level. Major Support Levels – $48,500, followed by $45,000. Major Resistance Levels – $50,000, $50,900 and $52,500.

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