Bitcoin Price Prediction: BTC tumbles eyeing $50,000 amid rejection from $59,000

bitcoin

Bitcoin bulls controlled most of the price action in the market last week despite the mundane trading. The flagship cryptocurrency managed to clear the resistance at $55,500, which bolstered the price to around $59,000. Although investors had speculated BTC closing the day above $60,000 on Monday, a correction ensued, with the largest cryptocurrency diving under $55,000.

Bitcoin fights for higher support

The pioneer cryptocurrency trades at $55630 at the time of writing. Marginally beneath the market value, the 50 Simple Moving Average (SMA) provides support. Holding above this area will see bulls shift the focus from defense to breaking the barriers toward $60,000.

Meanwhile, the least resistance path appears to be downward based on the Moving Average Convergence Divergence (MACD) on the four-hour chart. The indicator is in the positive territory but is dropping toward the midline (0.00). If the MACD line (blue) increases the divergence under the signal line, the bearish leg will likely extend to the next key tentative support at $52,500.

BTC/USD four-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

On the upside, the Relative Strength Index (RSI) shows that a rebound is possible in the near term. For instance, the indicator seems to have found an anchor at 40 and is currently pointing north toward the midline. Continued movement above the average level would encourage more investors to join the market in anticipation of a lifting beyond $60,000.

Bitcoin intraday levels

Spot rate: $55,740

Trend: Bearish biased

Volatility: Low

Support: $55,000 and $52,500

Resistance: $56,00, $57,500 and $60,000

The post Bitcoin Price Prediction: BTC tumbles eyeing $50,000 amid rejection from $59,000 appeared first on Coingape.

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