{"id":457349,"date":"2021-02-23T03:18:42","date_gmt":"2021-02-23T03:18:42","guid":{"rendered":"https:\/\/wncen.com\/?p=457349"},"modified":"2024-06-11T14:13:31","modified_gmt":"2024-06-11T14:13:31","slug":"bitcoin-price-struggles-near-54k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-struggles-near-54k\/","title":{"rendered":"TA: Bitcoin Price Struggles Near $54K, Why It Could Slide Again"},"content":{"rendered":"<p><em>Bitcoin price declined over $5,000 and tested the $45,000 support against the US Dollar. BTC is now correcting losses, but it is facing a strong resistance near $54,000 and $55,000.<\/em><\/p>\n<ul>\n<li>Bitcoin is struggling to climb back above the $54,000 and $55,000 resistance levels.<\/li>\n<li>The price is now well below $55,000 and the 100 hourly simple moving average.<\/li>\n<li>There was a break below a major bullish trend line with support near $54,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The same trend line support and $55,000 are now acting as a strong resistance.<\/li>\n<\/ul>\n<h2>Bitcoin Price is Showing Signs of More Losses<\/h2>\n<p>After forming a short-term top, bitcoin price started a sharp decline below the $56,000 level. BTC broke the key $55,000 support level and the 100 hourly simple moving average to move into a bearish zone.<\/p>\n<p>There was also a break below a <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-climbs-above-58k\/\" target=\"_blank\" rel=\"noopener \">major bullish trend line<\/a> with support near $54,500 on the hourly chart of the BTC\/USD pair. The pair crashed over $5,000 and it even spiked below the $50,000 support. It tested the $45,000 support before correcting higher.<\/p>\n<p>There was a break above the $50,000 and $52,000 levels. The price even climbed above the 50% Fib retracement level of the downward move from the $58,350 swing high to $45,000 swing low.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/02\/Bitcoin-19.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-457350\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/02\/Bitcoin-19.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/02\/Bitcoin-19.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/02\/Bitcoin-19.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/02\/Bitcoin-19.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/02\/Bitcoin-19.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/02\/Bitcoin-19.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/02\/Bitcoin-19.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/02\/Bitcoin-19.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>However, the same trend line support and $55,000 are now acting as a strong resistance. The 100 hourly simple moving average is also near the $55,000 level along with the 76.4% Fib retracement level of the downward move from the $58,350 swing high to $45,000 swing low.<\/p>\n<p>Bitcoin is now moving lower and it seems like it could revisit the $50,000 support level. If the price fails to stay above $50,000, it could decline towards the $46,200 support.<\/p>\n<h2>Upsides Capped in BTC?<\/h2>\n<p>If bitcoin remains stable above the $50,000 level, it could make another attempt to settle above $54,000. The first major resistance is near the $55,000 level and the 100 hourly SMA.<\/p>\n<p>To start a fresh increase and move into a <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-rally-could-extend-to-60k\/\" target=\"_blank\" rel=\"noopener \">positive zone<\/a>, the price must clear $55,000. The next major resistance sits near the $57,000 level.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is gaining momentum in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is well below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $52,000, followed by $50,000.<\/p>\n<p>Major Resistance Levels \u2013 $54,000, $55,000 and $57,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price declined over $5,000 and tested the $45,000 support against the US Dollar. BTC is now correcting losses, but it is facing a strong resistance near $54,000 and $55,000. Bitcoin is struggling to climb back above the $54,000 and $55,000 resistance levels. The price is now well below $55,000 and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $54,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The same trend line support and $55,000 are now acting as a strong resistance. Bitcoin Price is Showing Signs of More Losses After forming a short-term top, bitcoin price started a sharp decline below the $56,000 level. BTC broke the key $55,000 support level and the 100 hourly simple moving average to move into a bearish zone. There was also a break below a major bullish trend line with support near $54,500 on the hourly chart of the BTC\/USD pair. The pair crashed over $5,000 and it even spiked below the $50,000 support. It tested the $45,000 support before correcting higher. There was a break above the $50,000 and $52,000 levels. The price even climbed above the 50% Fib retracement level of the downward move from the $58,350 swing high to $45,000 swing low. Source: BTCUSD on TradingView.com However, the same trend line support and $55,000 are now acting as a strong resistance. The 100 hourly simple moving average is also near the $55,000 level along with the 76.4% Fib retracement level of the downward move from the $58,350 swing high to $45,000 swing low. Bitcoin is now moving lower and it seems like it could revisit the $50,000 support level. If the price fails to stay above $50,000, it could decline towards the $46,200 support. Upsides Capped in BTC? If bitcoin remains stable above the $50,000 level, it could make another attempt to settle above $54,000. The first major resistance is near the $55,000 level and the 100 hourly SMA. To start a fresh increase and move into a positive zone, the price must clear $55,000. The next major resistance sits near the $57,000 level. Technical indicators: Hourly MACD \u2013 The MACD is gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is well below the 50 level. Major Support Levels \u2013 $52,000, followed by $50,000. Major Resistance Levels \u2013 $54,000, $55,000 and $57,000.<\/p>\n","protected":false},"author":67,"featured_media":457351,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-457349","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>TA: Bitcoin Price Struggles Near $54K, Why It Could Slide Again<\/title>\n<meta name=\"description\" content=\"Bitcoin price declined over $5,000 and tested the $45,000 support against the US Dollar. 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Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"TA: Bitcoin Price Struggles Near $54K, Why It Could Slide Again","url":"http:\/\/wncen.com\/news\/bitcoin-price-struggles-near-54k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-struggles-near-54k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/02\/shutterstock_127419983.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/02\/shutterstock_127419983.jpg?fit=1000%2C769"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2021-02-23T03:18:42Z","datePublished":"2021-02-23T03:18:42Z","dateModified":"2024-06-11T14:13:31Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Price Struggles Near $54K, Why It Could Slide Again\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-struggles-near-54k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-struggles-near-54k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/02\\\/shutterstock_127419983.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/02\\\/shutterstock_127419983.jpg?fit=1000%2C769\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2021-02-23T03:18:42Z\",\"datePublished\":\"2021-02-23T03:18:42Z\",\"dateModified\":\"2024-06-11T14:13:31Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/02\/shutterstock_127419983.jpg?fit=1000%2C769","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/457349"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=457349"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/457349\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/457351"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=457349"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=457349"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=457349"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}