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Bitcoin $51,381 Resistance Held. Is This A Bearish Sign?

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Image from last price prediction showing the BTC/USD pair on the 1-hour timeframe

In our previous analysis, Bitcoin $44k Support Held As Predicted. Watch This Next! we talked about the $51,381 resistance and how it could have a bearish effect on the Bitcoin price in the coming days.

Bitcoin $51,381 Resistance Held on the 1-hour timeframe

Well, Bitcoin just had a massive rejection from that price area and is already selling-off. But is this a bearish sign of a larger correction to come or can we expect the Bitcoin price to bounce soon?

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$48,682 Key Support

Key levels on the Bitcoin 1-hour timeframe

The Bitcoin price is currently testing the $48,682 support region. This region has served as previous on numerous occasions and might do so again soon.

Bearish Price Scenario

Bitcoin bearish price scenario on the 1-hour timeframe

A price break and close below the $48,682 price region could signify a deeper dump in the Bitcoin price soon. This dump could push us down to as low as the $44,287 price region we mentioned in our previous Bitcoin analysis Bitcoin $44k Support Held As Predicted. Watch This Next!

Image from last price prediction showing the BTC/USD pair on the 1-hour timeframe

Bullish Price Scenario

Bitcoin key support on the 1-hour timeframe

For the Bullish price scenario, we need to see the $48,682 price support hold. A bounce from this region might be a strong base for Bitcoin bulls to get back into the market and push Bitcoin higher.

Bitcoin bullish price scenario on the1-hour timeframe

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We also created a video below where we talked more in-depth about the patterns developing on the Bitcoin chat as well as key fundamental factors that might affect the Bitcoin price in the coming days.

To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With

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