Bitcoin (BTC) Price Starts Recovery Wave After Crashing Below $50,000

Bitcoin price extended losses below the $52,500 support zone. BTC even traded below the $51,100 and $50,000 levels. A low was formed near $49,111 and the price

Bitcoin price started a recovery wave from the recent lows. BTC is trading above $55,000, but it faces many hurdles near the $58,000 zone. Bitcoin price extended its decline below the $52,500 support zone. BTC even traded below the $51,100 and $50,000 levels. A low was formed near $49,111 and the price recently started a recovery wave.

Bitcoin price recovered from the recent lows and it is trading above $55,000. The price is up over 3% from the lows and it seems to be preparing for the next leg of recovery. On the upside, the price could face resistance near the $56,500 level. It is near the 61.8% Fib retracement level of the downward move from the $61,040 swing high to the $49,111 low. The first key resistance is also located near the $58,250 level. A clear move above the $58,250 resistance might send the price further higher in the coming sessions. The next key resistance could be $58,800. The next major hurdle sits at $60,000. A close above the $60,000 resistance might spark bullish moves. In the stated case, the price could rise and test the $62,000 resistance.

Bitcoin price is still trading below $58,000 and the 100 hourly Simple moving average. If Bitcoin fails to recover above the $58,000 resistance zone, it could start another decline. Immediate support on the downside is near the $55,000 level. The first major support is $53,500. The next support is now forming near $52,000. Any more losses might send the price toward the $50,000 support zone in the near term.

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $55,000, followed by $53,500.

Major Resistance Levels – $56,500, and $58,000.

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