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This past week, there was a sharp drop in bitcoin price below the $5,200 support. The BTC/USD pair even spiked below the $5,000 support level and formed a swing low above $4,900. Later, the price started a slow and steady recovery above the $5,000 and $5,050 resistance levels. The bulls even pushed the price above the $5,200 resistance.
It opened the doors for more gains above the $5,200 level and push higher towards $5,500 area in the coming days. It seems like the 50% Fib retracement level of the last slide from the $5,509 high to $4,905 low is acting as a hurdle. Besides, the trendline holding the price as support above $5,250 is expected to push the price higher towards $5,500 area.
On the other hand, if there is no upside pressure and if the price breaks below $5,200 with a daily close, BTC may decline below $5,150. An initial support is seen near the $5,100 level, below which the next stop could be $5,050. Looking at the chart, bitcoin price is clearly trading near a crucial juncture below $5,220 and $5,250. If the bulls gain control above $5,220 and $5,250, there could be a decent extension towards the $5,380 resistance level. Conversely, a continuous struggle to clear $5,250 is likely to start a fresh decrease towards the $5,100 or $5,050 level in the near term.
SUPPORT: 5,000, 5,200-50
RESISTANCE: 5,380, 5,500
BIAS: BULLISH
MOMENTUM: VOLATILE
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