The cryptocurrency space is currently showing highly bearish outlooks as assets struggle to maintain their value. The virtual currency would continue to face some corrections until the market situation changes for all the cryptos. Bitcoin had tried to take the $52,000 level, but it failed, which led to its drop below the $50,000 point.
The asset would likely face some problems overcoming the $50,000 point as the area has strong resistance. The increasing selling pressure also reduces the chances of the asset’s move towards its peak, which is $58,000. The market bulls are weak, and the buyers would have increasing buying pressure to help Bitcoin regain its lost bullish momentum to the bears.
Bitcoin remains bullish despite declining prices
Looking at the charts, the currency is still trading below $50,000, after it lost the position when it tried to take 552,000. The coin would probably make more downward movements before it appreciated and move to the next mark. The cryptos resistance level is around $58,000, $60,000 and $62,000. The support also holds around $40,000, $38,000 and $36,000.
Bitcoin holders understand that these past few days have not been easy for the crypto, as it continues to decline. The cryptos tight trade is also accompanied by reduced volatility, meaning that it has not been drastically dropping nor surging for the past few days.
The asset had successfully taken the $51,000 after bypassing vital resistance on the way to taking the $52,000 level. Interestingly, the price retook $52,000 before it rejected and dropped in value due to the rejection.
Now, the crypto is gradually losing value daily, and it currently trades 21-day MA. Those interested in entering the market can buy the asset at a lower price as it currently moves quite lower than its ATH.
Bulls are too weak to maintain the $52,000 mark
However, the asset’s outlook could become positive when it moves above the moving averages. The digital asset has the vital support to make this move, and the move’s success would lead to significantly higher prices. If the price drops around the lower boundary, Bitcoin would likely move lower and even touch $46,000. If the price doesn’t hold at that level, its next support would be around $44,000, which could also initiate more dips.
The price is currently around the $49,000 range, and if the crypto falls, then the likely value would be around $40,000, $38,000, and $36,000. Buyers have to take a firm stance to pressure the next ranges, starting from $58,000 and above.
Fortunately, the asset appears to bullish as the technical indicator, RSI (14), moves sideways. The analysis shows that the bulls couldn’t maintain the $52,000 mark because it’s stronger than the asset’s power, as it needs more buying pressure.
The asset has maintained low volatility, which is unusual for a volatile asset but could mean that the asset would move downtrend. If the crypto takes the $54,000 point, it would move past the bears and assure more gains for BTC holders. The bears are still active as they plan on taking the asset to the $48,000 mark.