Yesterday, the bulls tried to develop the Bitcoin price recovery and push it above $52000. But at this level, they met with strong resistance. As a result, they were forced to retreat. And the price, under the influence of the bears dropped below the levels of 51000 and 50000. At the time of publication, the BTC/USD pair is trading at around 49300.
On the hourly chart, the BTC/USD pair is trading in an upward channel limited by the levels of 48400 and 52400. And as a result of the new correction, the pair dropped below the 100-hour moving average. Analyzing the chart, we can conclude that if today the price of Bitcoin cannot rise above $50000, it will continue its decline towards the lower border of the ascending channel. In the area of 48400 it will get support and will be able to push off to start a new movement towards the upper border of the channel. However, it should be noted that in this case it will have to overcome the resistance levels of 49500 and 50600. As yesterday trading showed, the price bounced down from the level of 51600. In order to continue to rise, the BTC/USD pair will need to make efforts to overcome it. But a close above the level would help the pair move up faster and test the 52000 level.
If today the BTC/USD pair does not manage to return above 50000, we may see an increase in sales and a decrease in the price of Bitcoin towards the lower border of the channel, 48400. A breakdown of the channel’s lower boundary will send BTC/USD to the level of 46700.