Bitcoin consolidation below $ 50,000; What can lead to a price jump?

Bitcoin has been trying to break the $ 50,000 resistance for days. If the price stays below this level for a long time, we may see another deep fall.

To Report Bitcoin News started a recovery wave of $ 47,000 two days ago. The trend continued with the price crossing the resistance of $ 48,500, $ 49,000 and the 100-hour moving average, and at some point the price even exceeded $ 50,000.

However, the uptrend did not continue after the price reached $ 50,800 and after the price peaked at $ 50,788, the market started a new downtrend. As the downtrend began, the price first fell to $ 50,000 and then below the 50% Fibonacci retracement level. In this analysis, Fibonacci levels are set based on the upward movement of the price from $ 46,943 to the peak of $ 50,788.

In addition, the 1-hour view of the market showed a bullish channel that formed a key support in the range of $ 49,500; As the downtrend continued, this level of support was also lost. Bitcoin is currently trading above $ 49,000 and has a 100-hour moving average.

If the market continues to rise, the nearest resistance is at $ 49,200 and the first key resistance will be at $ 49,5,000. The most important resistance has formed near $ 50,000, and the closing of the daily price candle above this level could pave the way for further price growth. Then there is another resistance at $ 50,800, which could lead to a price jump of up to $ 52,000.

If the price still fails to break the $ 50,000 resistance, the downtrend may continue. As the market declines, the closest support will be at $ 48,500.

The first key price support is near $ 48,400, and the 61.8% Fibonacci retracement level is in the same range. Breaking this level could lower the price again to $ 47,000.

The MACD is slowly entering the downtrend and the Relative Strength Index (RSI) is below 50.

As mentioned, $ 48,400 and $ 47,000 are key Bitcoin supports, and $ 49,200, $ 50,000 and $ 50,800 also act as price resistance.