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Bitcoin price traded to a new 2019 high close to $5,500 and later started a downside correction. BTC price fell below the $5,000 level, but bounced back above $5,150.

  • There was an upside extension in bitcoin price to a new 2019 high at $5,488.
  • BTC corrected lower sharply and broke a bullish trend line with support at $5,255 on the 30-minute chart.
  • The price traded as low as $4,950 and later bounced back above $5,000 and $5,150.

Bitcoin Price

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Bitcoin Price Analysis (BTC to USD)

In the past few hours, there was a decent upward move in bitcoin above the $5,400 level. BTC even traded to a new 2019 high at $5,488 before buyers lost control. As a result, there was a sharp decline below the $5,400 and $5,265 support levels.

Bitcoin Price Analysis BTC Chart

Click to Enlarge Chart

Looking at the 30-minute chart of BTC/USD, the pair started a sharp correction from the $5,488 high and even broke the $5,350 support area. There was a close below the $5,265 pivot level and the 25 simple moving average (30-minute).


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During the decline, there was a break below the key $5,135 support and a bullish trend line with support at $5,255 on the same chart. The price traded as low as $4,950 and later bounced back above the $5,135 level and the 23.6% Fib retracement level of the recent downside from the $5,488 high to $4,950 low.

The price even traded above the $5,200 level, but the 50% Fib retracement level of the recent downside from the $5,488 high to $4,950 low acted as a strong resistance recently.

To the topside, there are many resistances near the $5,265 level and the 25 simple moving average (30-minute). Besides, the broken trend line and the 61.8% Fib retracement level of the recent downside from the $5,488 high to $4,950 low are also crucial hurdles for buyers.

Therefore, it won’t be easy for bitcoin buyers to push the price back above $5,265 and the 25 SMA. If they succeed, the price might climb towards the $5,400 resistance level.

Conversely, if bitcoin price fails to rebound above $5,265, there could be a fresh decline in BTC and altcoins like Ethereum, ripple, litecoin, bitcoin cash, cardano, BNB, XLM and other major altcoins. BTC could even extend the downside correction and revisit the $5,000 or $4,950 support level in the near term. Once the current correction is complete, the price is likely to regain the $5,265 and $5,300 levels.

The market data is provided by TradingView, Bitfinex.


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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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