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Bitcoin Price Analysis: BTC Continues This Week’s Bearishness, Next Stop $51K?

The short-term bearish momentum for Bitcoin continues, following another 3.5% price decrease today as the cryptocurrency dropped by a total of $2,000 into the $55K zone.
BTC had been performing well last week as it followed a steep ascending price channel and even managed to create a fresh ATH over the weekend at $61,780 (according to Bitstamp). From, there, it started to head lower as it broke beneath the ascending channel on Monday.
The cryptocurrency found support at $54,560 (.382 Fib) on Monday. It did spike further beneath this level yesterday, reaching as low as $53,220, but the daily candle managed to close at $56,950 following a nice reversal.
Today, the 3.5% price drop caused BTC to head back beneath $55,000 as it tested the above-mentioned support  at $54,5560 (.382 Fib).
As of now, Bitcoin failed to reclaim the previous mid-February ATH level of $58.5K, along with the bearish divergence on the mid-term, which could be worrying signs for the bulls in the short-term.
BTC Price Support and Resistance Levels to Watch
Key Support Levels: $54,560, $53,220 (this week’s low), $52,340, $51,000, $50,000.
Key Resistance Levels: $56,950, $58,355, $60,000, $61,780, $62,170.
Looking ahead, the first level of support lies directly at $54,560 (.382 Fib). This is followed by support at $53,220 (yesterday’s low), $52,340 (.5 Fib), $51,000 (downside 1.272 Fib Extension) and $50,000 (.618 Fib).
On the other side, the firs strong resistance lies at yesterday’s high, around $56,950. Above this, resistance lies at $58,355 (previous ATH), $60,000, and $61,780 (current ATH). Additional resistance lies at $62,170 (1.414 Fib Extension) and $65,000.
The RSI has returned to the midline and is starting to poke beneath it, indicating the bears are trying to gain control …
Story continues on Crypto Potato

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