Bitcoin price could soon fall below $ 53,000


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The leading cryptocurrency has ended its upward trend and could fall below the key support level at $ 53,000

Bitcoin has developed superbly this week and made up for most of the losses of the past week. However, the leading cryptocurrency seems to have lost momentum after stagnating at $ 54,000 in recent days.

The technical indicators of the cryptocurrency indicate that a consolidation phase is imminent: the bulls are struggling to push the price back to $ 60,000. After some minor losses in the last 24 hours, Bitcoin runs the risk of sinking below $ 53,000.

Analyst Michaël van de Poppe believes that a consolidation phase benefits Bitcoin and is part of the bull cycle.

BTC-Price forecast

In the last 24 hours, Bitcoin has slipped back into bear mode. It has fallen by 2% and its technical indicators point to another slump. A look at the BTC/USD 4-hour chart shows that the cryptocurrency is trading below its 100-day SMA ($56,322). The bulls are struggling to reach the 100-day SMA, which shows that the bears have not given up control of the market.

4-Hour chart BTC / USD. Source: Coinalyze

The MACD line is slightly in the bullish range, which is understandable considering that Bitcoin has had a positive overall performance over the past week. However, if the current trend continues, Bitcoin will have to defend its support at $ 52,786 to avoid further losses. With a sustained bearish period, the BTC / USD pair could slide back towards $ 47,000. But it would be quite a challenge for the bears to break Bitcoin’s strong support ranges at 44,850 and 43,016 US dollars in the foreseeable future.

In a breakout, however, Bitcoin could try to overcome resistance at $ 57,558 and move back to $ 60,000. In a sustained rally, Bitcoin could aim for a new all-time high above $ 64,000, but this is unlikely according to technical indicators.