BTC Price Consolidation Neared $50K, The Bulls Could Fail Again

The BTC price consolidation neared $50K and it seems that the bulls will fail to hold the $52K level according to the price charts that we can see more in our latest Bitcoin news today.

The price extended its drop below the $50,000 support against the US dollar with the price now consolidating losses and remaining at risk for more downsides below $48,000. BTC dropped below the $52K and $50K support levels with the price now trading below the $52K and the 100 simple moving average. There’s a key bearish trend line forming with the resistance near the $52,800 on the 4-hour charts with the pair correcting losses and still facing resistance near the $52K on the 4-hour charts.

The pair could manage to correct the losses but could face more resistance at the $52K level. Over the past week, the BTC price consolidation neared $50K but then saw a steady decline from $60K against the US dollar with the pair breaking many important support levels at $55K to move into a bearish zone. The price broke the $50K level and settled below the 100 simple moving average and traded to a new low of $47,511 before starting a new consolidation of the losses. There was a minor recovery above the $48K level and the $48,500 as well.

There was a recovery above the 23% level from the recent decline of the $57,595 high to the $47,511 low. It Is now consolidating near the $50K level and on the upside, the price is facing a major resistance near the $52,000 levels with another key bearish trend line forming with the resistance near $52,800 on the 4-hour charts of the pair. The trend line is close to the 50% fib retracement level from the recent decline of the $57,597 high to a $47,511 low. A close above these levels could open the doors for a new increase in the upcoming sessions.

If BTC fails above the $52K level, there’s a risk of more losses with the first major support being near the $48,200 and the $58,000 levels. The next major support is close to the $57,600 level but more losses could lead to a fresh drop towards $46,000. In this case, there are even chances of a drop towards the $45,000 support in the near term.