Bitcoin price remains high above the USD 49,000 support and many predict that it could start a new rally if it breaks the USD 50,800 resistance area. At the time of writing, BTC is changing hands at $ 49,206 after seeing a 13% decline in the past seven days.
BTC / USD 4-hour chart | Source: TradingView
Bitcoin price and current market value share drop to their lowest level since February 2018
Bitcoin price corrected below the $ 50,000 support out of the $ 52,000 resistance area. BTC broke the $ 49,500 support, but the bulls were active above $ 49,000. One final high was made at $ 51.955 before a downward correction was made. The price traded below the 50% fib retracement level of the recent surge from the low of $ 47.210 to the high of $ 51.955. Bitcoin price also rose below the $ 49,500 support and the 100-hour simple moving average.
BTC 1 Day Dominance Chart | Source: TradingView
However, it has stabilized near the $ 49,000 mark. The 61.8% Fib retracement level of the recent rise from the low of $ 47.210 to the high of $ 51.955 is also supported. The price is currently trading above $ 49,500 and the 100-hour simple moving average. Immediate resistance to the upside is near the $ 50,400 mark. The next major resistance is near the $ 50,500 mark. A major downtrend line is also forming on the hourly chart of the BTC / USD pair with resistance near USD 50,500.
A significant break above the USD 50,500 resistance area could open the door to further uptrends. The following key resistance is near the $ 52,000 mark, above which the price could begin a significant spike. If the top cryptocurrency doesn’t break the resistance area of $ 50,500, it can continue to decline.
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