After the recent dip of nearly 22%, the bulls are trying to regain 100-Simple Moving Average support.   Currently, BTC/USD price is trading at $49,000, well above the 23.7% Fib retracement level from last swing high at $58,250 to swing low at $45,000. There was also a break above the resistance trend line. However, there is a key resistance level at $51,650 yet to be cleared to trigger fresh momentum. This key resistance level is the 50% Fib retracement level of the downward wave from the $58,400 swing high to $45,000 swing low. Also, the 100 hourly simple moving average is nearing $51,650.    

BTC Gains limited?

In case the Bitcoin price successfully closes above the resistance level ($51,650), the Bitcoin could try to push past the 53,250 and 55,000 levels.  

Another dip for BTC?

If the Bitcoin USD price fails to clear the $51,650 resistance level, the lost momentum could trigger selling pressure. In the downtrend, initial support could be near $48,150. In case there is a clear break below the $48,150 level, the price could retest the $45,000 support level.  

Technical indicators:

• Based on hourly BTC USD price change, the MACD is gaining momentum towards the bullish zone and the RSI of BTC/USD is above the 50-level.
• Major support is at $48,150, followed by $45,000 and $40,000.
• Major resistance at $51,650, $53,250 and $55,000.