Bitcoin appears to face price rejection after moving close to the $53,000 mark. However, the leading cryptocurrency retains its bullish outlook despite the slight plummets.
BTC-USD Long-Term Trend – Bullish
- Vital resistance levels – $58,000, $60,000 and $62,000
- Vital support levels – $46,000, $44,000 and $42,000
The daily price chart shows BTC bears might be battling their way back to the market as they force BTC-USD to respect losses. The virtual token corrects 3.03% during today’s sessions. While writing this article, BTC/USD trades around $51,103 after plunging from its intraday highs of $52,944. Moreover, BTC might experience plunges in the scenarios where the 9-day MA crosses beneath the 21-day MA.
BTC Might Plunge Further
According to BTC’s price technical analysis, the coin has a probability of falling. For instance, the Relative Strength Index indicator might confirm the bearishness as it seems to plunge under the 60-mark. Meanwhile, BTC/USD remains vulnerable to plummet beneath the 9- and 21-day MAs.
For now, bulls take care of the 9-day MA to maintain BTC price over the $49,000 mark despite the reversals. Any price action under this level might push Bitcoin down towards the crucial supports at $46K, $44K, and $42K. On the other hand, if bulls step up to take the token upside over the top border of its price channel, BTC will hit its closest resistance at $58K, $60K, and $62K.
BTC-USD Medium Trend – Bullish (4-Hr Chart)
BTC/USD appears to cross beneath the 9- and 21-day MAs as the four-hour chart indicates bears seem in control as bulls battle to defend the support at $50,500. If bears overpower the bulls, the flagship crypto will drop to hit the support levels at $49.5K, $49K, and $48.5K.
For now, buyers have to gather enough momentum to hold the asset’s support at $50K. With that, investors might witness the crypto crossing over the MAs. Moreover, breaking this obstacle will push BTC towards the resistances at $52K, $52.5K, and $53K. However, the Relative Strength Index appears to plunge massively, indicating extended bearish movements.
Do you think that Bitcoin will overcome the $53,000 mark, or it will plunge further? Feel free to share your opinions in the comment section below.