Bitcoin price prediction: BTC dropped to $ 50,000 after $ 59,000 was rejected

Bitcoin bulls controlled most of the price action in the market last week, despite daily trading. The flagship cryptocurrency has cleared the resistance from $ 55,500, raising the price to around $ 59,000. Investors predicted that BTC will close above $ 60,000 on Monday, followed by a correction with the largest cryptocurrency falling below $ 55,000. Bitcoin is fighting for more support The forerunner of the cryptocurrency is trading at $ 55,630 at the time of writing. The 50 Simple Moving Average (SMA) below the marginal market value offers support. Bulls standing above this area will overcome the $ 60,000 barriers from defense. Meanwhile, the path of least resistance looks downward relative to the moving average convergence divergence (MACD) on the four-hour chart. The indicator is in the positive zone but falls into the middle line (0.00). If the MACD (blue) line increases the divergence below the signal line, the bearish leg should extend to the next major front support at $ 52,500. Four-hour chart of BTC / USD from Tradingview BTC / USD price chart Upwards, the Relative Strength Index (RSI) shows that a recovery is possible in the short term. For example, the indicator looks like it found an anchor at 40 and now points north towards the centerline. Continued movement above the medium level will encourage more investors to join the market in anticipation of an increase above $ 60,000. Intraday Bitcoin Levels Spot Price: $ 55,740 Trend: Bearish Bias Volatility: Low Support: $ 55,000 and $ 52,500 Resistance: $ 56.00, $ 57,500 and $ 60,000 $ 59,000 first appeared on Coingape.

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