Bitcoin/USD recovers from $46.6k as Bitcoin Battles Resistance at 52K-December 29, 2021
BTC/USD remains in a downtrend as Bitcoin struggles to overcome resistance at $52k. BTC's price reached the $52,000 overhead resistance, which was a significant selling opportunity. This will be the second attempt to test the resistance. The overhead resistance was broken on December 7. BTC prices fell to $47,051 below the low.
Resistance Levels: $70,000 - $75,000 - $80,000 Support Levels : $50,000 - $45,000 – $40,000
Daily Chart: BTC/USD
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Yesterday, Bitcoin (BTC), fell to $47.642 after bulls bought the dips. The BTC price has been trending up for the past week. The bulls broke the $50,000 mark on December 23 but were unable to sustain their bullish momentum. The price of crypto continued to move sideways below its recent high. The bullish momentum eventually reached $52,000 resistance, which caused the crypto's price to drop to the lower end of its range. Retrospectively, the market fluctuated between $46,000 to $52,000 prices since December 4, when there was a price slump. The current BTC price has fallen to the lower range. At press time, Bitcoin trades at $46,961
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4 Hour Chart BTC/USD
Bitcoin is currently at $46,996 and fighting resistance at $52k. The BTC price is falling to the lower range, but it is slowly recovering. Bitcoin has been trading between $46,000 to $52,000 over the last three weeks. The overhead resistance has been broken three times by buyers. Sellers have also failed to break the $46,000 support in a number of attempts.
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By: Azeez Mustapha
Title: Bitcoin (BTC) Price Prediction: BTC/USD Continues Downward Correction, Battles Resistance at $52k
Sourced From: insidebitcoins.com/news/bitcoin-btc-price-prediction-btc-usd-continues-downward-correction-battles-resistance-at-52k
Published Date: Wed, 29 Dec 2021 16:15:16 +0000
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