Bitcoin

Bitcoin Nosedives $10K, Here’s Why Recovery Could Face Hurdles

Bitcoin price declined over $10,000 against the US Dollar after Elion Musk’s tweet. BTC is now correcting losses, but the previous support near $52,000 could act as a hurdle.

Bitcoin started a major decline from well above $55,000 and it even traded close to $45,000
The price is now trading well below $55,000 and the 100 hourly simple moving average.
There was a break below a key rising channel with support near $57,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is correcting losses, but the bulls might struggle near $52,000 and $53,000.

Bitcoin Price Dives 20%
Bitcoin failed to clear the $58,500 resistance and reacted to the downside. BTC’s decline was got pace after Elion Musk’s tweet about bitcoin mining and not accepting it as payment.
It sparked a strong bearish move below the $52,000 and $50,000 support levels. There was a break below a key rising channel with support near $57,000 on the hourly chart of the BTC/USD pair. The pair even dived towards the $45,000 level on Kraken. It is now trading well below $55,000 and the 100 hourly simple moving average.
A low is formed near $45,000 and the price is now recovering higher. It broke the $47,000 and $48,500 resistance levels. Besides, there was a break above the 23.6% Fib retracement level of the recent decline from the $58,000 swing high to $45,000 swing low.

Source: BTCUSD on TradingView.com
An immediate resistance on the upside is near the $51,500 level. It is near the 50% Fib retracement level of the recent decline from the $58,000 swing high to $45,000 swing low. The main resistance is now forming near the $53,000 zone (the previous support). A close above $52,000 and $53,000 is needed to start a decent increase.
Fresh Drop in BTC?
If bitcoin fails to clear the $52,000 resistance or $53,000, it could start a fresh decline. An initial support on the downside is near the $48,500 level.
A downside break below the $48,500 support zone could restart the decline. The next major support is near the $47,400 level. Any more losses might call for a fresh test of the $45,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now recovering from the oversold zone.
Major Support Levels – $48,500, followed by $47,400.
Major Resistance Levels – $51,500, $52,000 and $53,000.

bitcoin
Bitcoin (BTC) $ 61,081.37
ethereum
Ethereum (ETH) $ 3,373.13
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 571.88
solana
Solana (SOL) $ 135.83
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 3,371.39
xrp
XRP (XRP) $ 0.475962
the-open-network
Toncoin (TON) $ 7.57
dogecoin
Dogecoin (DOGE) $ 0.122572
cardano
Cardano (ADA) $ 0.388014
tron
TRON (TRX) $ 0.120719
shiba-inu
Shiba Inu (SHIB) $ 0.000017
avalanche-2
Avalanche (AVAX) $ 25.15
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 61,246.41
chainlink
Chainlink (LINK) $ 13.99
polkadot
Polkadot (DOT) $ 5.80
bitcoin-cash
Bitcoin Cash (BCH) $ 373.92
uniswap
Uniswap (UNI) $ 9.41
near
NEAR Protocol (NEAR) $ 5.54
wrapped-eeth
Wrapped eETH (WEETH) $ 3,508.12
leo-token
LEO Token (LEO) $ 5.75
litecoin
Litecoin (LTC) $ 70.38
matic-network
Polygon (MATIC) $ 0.567411
dai
Dai (DAI) $ 1.00
pepe
Pepe (PEPE) $ 0.000012
fetch-ai
Fetch.ai (FET) $ 1.67
internet-computer
Internet Computer (ICP) $ 8.11
kaspa
Kaspa (KAS) $ 0.153956
ethena-usde
Ethena USDe (USDE) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 23.33
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,406.96
aptos
Aptos (APT) $ 6.91
monero
Monero (XMR) $ 162.99
render-token
Render (RNDR) $ 7.70
hedera-hashgraph
Hedera (HBAR) $ 0.078746
cosmos
Cosmos Hub (ATOM) $ 6.98
arbitrum
Arbitrum (ARB) $ 0.820545
stellar
Stellar (XLM) $ 0.090437
filecoin
Filecoin (FIL) $ 4.41
mantle
Mantle (MNT) $ 0.759442
okb
OKB (OKB) $ 41.27
crypto-com-chain
Cronos (CRO) $ 0.090499
immutable-x
Immutable (IMX) $ 1.55
blockstack
Stacks (STX) $ 1.60
injective-protocol
Injective (INJ) $ 22.88
first-digital-usd
First Digital USD (FDUSD) $ 1.00
sui
Sui (SUI) $ 0.891220
lido-dao
Lido DAO (LDO) $ 2.41
the-graph
The Graph (GRT) $ 0.220145