Bitcoin Price Consolidates Near $50K, Why BTC Bulls Could Fail Near $52.5K

Bitcoin price extended its decline below the $50,000 support against the US Dollar. BTC is now consolidating losses and it remains at a risk of more downside below $48,000.

Bitcoin declined heavily below the $52,000 and $50,000 support levels.
The price is now trading well below $52,000 and the 100 simple moving average (4-hours).
There is a key bearish trend line forming with resistance near $52,800 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair could correct losses, but it might face resistance near $52,000 and $52,500.

Bitcoin Price Turns Red
This past week, bitcoin price saw a steady decline from well above $60,000 against the US Dollar. The BTC/USD pair broke many important supports near $55,000 and $52,500 to move into a bearish zone.
The price even broke the $50,000 level and it settled below the 100 simple moving average (4-hours). It traded to a new weekly low at $47,511 before it started consolidating losses. There was a minor recovery above the $48,000 and $48,500 levels.
There was a recovery above the 23.6% Fib retracement level of the recent decline from the $57,597 high to $47,511 low. It is now consolidating near the $50,000 level.

Source: BTCUSD on TradingView.com
On the upside, the price is facing a major resistance near the $52,000 and $52,500 levels. There is also a key bearish trend line forming with resistance near $52,800 on the 4-hours chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the recent decline from the $57,597 high to $47,511 low.
A successful close above the $52,000 and $52,500 resistance levels could open the doors for a fresh increase in the coming sessions.
More Losses in BTC?
If bitcoin fails above the $52,000 level, there is a risk of more losses. The first major support is near the $48,200 and $58,000 levels.
The next major support is near the $57,500 level. Any more losses might call for a fresh drop towards the $46,000 support level. In the stated case, there are even chances of a drop towards the key $45,000 support zone in the near term.
Technical indicators
4 hours MACD – The MACD for BTC/USD is losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.
Major Support Level – $47,500
Major Resistance Level – $52,500

bitcoin
Bitcoin (BTC) $ 17,327.67
ethereum
Ethereum (ETH) $ 1,298.27
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 296.98
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.395247
dogecoin
Dogecoin (DOGE) $ 0.104915
cardano
Cardano (ADA) $ 0.326674
matic-network
Polygon (MATIC) $ 0.939025
polkadot
Polkadot (DOT) $ 5.72
staked-ether
Lido Staked Ether (STETH) $ 1,284.93
litecoin
Litecoin (LTC) $ 83.03
shiba-inu
Shiba Inu (SHIB) $ 0.000010
okb
OKB (OKB) $ 22.01
dai
Dai (DAI) $ 1.00
solana
Solana (SOL) $ 14.03
tron
TRON (TRX) $ 0.053657
uniswap
Uniswap (UNI) $ 6.39
avalanche-2
Avalanche (AVAX) $ 14.26
chainlink
Chainlink (LINK) $ 7.53
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 17,316.81
leo-token
LEO Token (LEO) $ 3.80
cosmos
Cosmos Hub (ATOM) $ 10.49
ethereum-classic
Ethereum Classic (ETC) $ 20.12
the-open-network
The Open Network (TON) $ 1.81
monero
Monero (XMR) $ 144.56
stellar
Stellar (XLM) $ 0.088576
bitcoin-cash
Bitcoin Cash (BCH) $ 114.49
quant-network
Quant (QNT) $ 130.33
crypto-com-chain
Cronos (CRO) $ 0.073321
algorand
Algorand (ALGO) $ 0.243811
filecoin
Filecoin (FIL) $ 4.60
apecoin
ApeCoin (APE) $ 4.18
near
NEAR Protocol (NEAR) $ 1.77
vechain
VeChain (VET) $ 0.019495
internet-computer
Internet Computer (ICP) $ 4.46
hedera-hashgraph
Hedera (HBAR) $ 0.049108
flow
Flow (FLOW) $ 1.14
terra-luna
Terra Luna Classic (LUNC) $ 0.000177
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 43.50
eos
EOS (EOS) $ 0.951552
frax
Frax (FRAX) $ 1.00
trust-wallet-token
Trust Wallet (TWT) $ 2.39
the-sandbox
The Sandbox (SAND) $ 0.600986
aave
Aave (AAVE) $ 65.92
tezos
Tezos (XTZ) $ 1.03
lido-dao
Lido DAO (LDO) $ 1.14
chiliz
Chiliz (CHZ) $ 0.169666
theta-token
Theta Network (THETA) $ 0.904333