{"id":457820,"date":"2021-03-02T03:18:38","date_gmt":"2021-03-02T03:18:38","guid":{"rendered":"https:\/\/wncen.com\/?p=457820"},"modified":"2024-06-11T08:02:19","modified_gmt":"2024-06-11T08:02:19","slug":"bitcoin-btc-could-still-struggle-51k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-could-still-struggle-51k\/","title":{"rendered":"TA: Bitcoin Revisits $50K, Why BTC Could Still Struggle Near $51K"},"content":{"rendered":"<p><em>Bitcoin price started a strong recovery from $53,000 against the US Dollar. BTC tested $50,000 and it could face a strong selling interest near $51K and $52K.<\/em><\/p>\n<ul>\n<li>Bitcoin started a decent upward move above the $48,000 resistance zone.<\/li>\n<li>The price is now trading well above $48,000 and the 100 hourly simple moving average.<\/li>\n<li>There was a break above a major contracting triangle with resistance near $47,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could climb above $50,000 again, but it is likely to face sellers near $51,000 and $52,000.<\/li>\n<\/ul>\n<h2>Bitcoin Price is Recovering Losses<\/h2>\n<p>After testing the $43,000 zone, bitcoin started a decent recovery wave. BTC cleared the $45,000 and $46,500 resistance levels. The bulls gained strength, resulting in a move above the $47,000 level and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-recovers-48000\/\" target=\"_blank\" rel=\"noopener \">100 hourly simple moving average<\/a>.<\/p>\n<p>There was also a break above a major contracting triangle with resistance near $47,500 on the hourly chart of the BTC\/USD pair. The pair broke the $48,000 resistance and it even spiked above the $50,000 level.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/Bitcoin-1.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-457821\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/Bitcoin-1.png?resize=1828%2C867\" alt=\"Bitcoin Price\" width=\"1828\" height=\"867\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/Bitcoin-1.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/Bitcoin-1.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/Bitcoin-1.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/Bitcoin-1.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/Bitcoin-1.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/Bitcoin-1.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/Bitcoin-1.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>A high is formed near $50,190 and the price is currently consolidating gains. An initial support is near the $48,500 level. It is close to the 23.6% Fib retracement level of the recent wave from the $43,064 low to $50,190 high.<\/p>\n<p>On the upside, the price is likely to face a strong resistance near the $51,000 and $52,000 levels. A successful daily close above the $52,000 level is must for upside continuation. In the stated case, bitcoin price might revisit the $55,000 resistance in the near term.<\/p>\n<h2>Fresh Dip in BTC?<\/h2>\n<p>If bitcoin fails to continue higher above the $50,000 and $51,000 resistance levels, there could be a fresh decline. The first key support on the downside is near the $48,000 level.<\/p>\n<p>The next major support is near the $46,500 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the recent wave from the $43,064 low to $50,190 high. If the bulls fail to protect the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-is-at-risk-45k\/\" target=\"_blank\" rel=\"noopener \">$46,500 support zone<\/a>, there is a risk of a sharp decline towards the $43,000 support zone.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly gaining momentum in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $48,000, followed by $46,500.<\/p>\n<p>Major Resistance Levels \u2013 $50,000, $51,000 and $52,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price started a strong recovery from $53,000 against the US Dollar. BTC tested $50,000 and it could face a strong selling interest near $51K and $52K. Bitcoin started a decent upward move above the $48,000 resistance zone. The price is now trading well above $48,000 and the 100 hourly simple moving average. There was a break above a major contracting triangle with resistance near $47,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could climb above $50,000 again, but it is likely to face sellers near $51,000 and $52,000. Bitcoin Price is Recovering Losses After testing the $43,000 zone, bitcoin started a decent recovery wave. BTC cleared the $45,000 and $46,500 resistance levels. The bulls gained strength, resulting in a move above the $47,000 level and the 100 hourly simple moving average. There was also a break above a major contracting triangle with resistance near $47,500 on the hourly chart of the BTC\/USD pair. The pair broke the $48,000 resistance and it even spiked above the $50,000 level. Source: BTCUSD on TradingView.com A high is formed near $50,190 and the price is currently consolidating gains. An initial support is near the $48,500 level. It is close to the 23.6% Fib retracement level of the recent wave from the $43,064 low to $50,190 high. On the upside, the price is likely to face a strong resistance near the $51,000 and $52,000 levels. A successful daily close above the $52,000 level is must for upside continuation. In the stated case, bitcoin price might revisit the $55,000 resistance in the near term. Fresh Dip in BTC? If bitcoin fails to continue higher above the $50,000 and $51,000 resistance levels, there could be a fresh decline. The first key support on the downside is near the $48,000 level. The next major support is near the $46,500 level and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the recent wave from the $43,064 low to $50,190 high. If the bulls fail to protect the $46,500 support zone, there is a risk of a sharp decline towards the $43,000 support zone. Technical indicators: Hourly MACD \u2013 The MACD is slowly gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well above the 50 level. Major Support Levels \u2013 $48,000, followed by $46,500. Major Resistance Levels \u2013 $50,000, $51,000 and $52,000.<\/p>\n","protected":false},"author":67,"featured_media":457822,"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-457820","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 Revisits $50K, Why BTC Could Still Struggle Near $51K<\/title>\n<meta name=\"description\" content=\"Bitcoin price started a strong recovery from $53,000 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 Revisits $50K, Why BTC Could Still Struggle Near $51K","url":"http:\/\/wncen.com\/news\/bitcoin-btc-could-still-struggle-51k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-btc-could-still-struggle-51k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/shutterstock_587323760.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/shutterstock_587323760.jpg?fit=1000%2C745"},"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":"2021-03-02T03:18:38Z","datePublished":"2021-03-02T03:18:38Z","dateModified":"2024-06-11T08:02:19Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Revisits $50K, Why BTC Could Still Struggle Near $51K\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-could-still-struggle-51k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-btc-could-still-struggle-51k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/shutterstock_587323760.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/shutterstock_587323760.jpg?fit=1000%2C745\"},\"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\":\"2021-03-02T03:18:38Z\",\"datePublished\":\"2021-03-02T03:18:38Z\",\"dateModified\":\"2024-06-11T08:02:19Z\"}<\/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\/03\/shutterstock_587323760.jpg?fit=1000%2C745","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/457820"}],"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=457820"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/457820\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/457822"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=457820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=457820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=457820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}