There was also a break below a major declining channel with support near $52,800 on the hourly chart of the BTC/USD pair.
It is near the 23.6% Fib retracement level of the recent drop from the $55,493 high to $50,512 low.
The 50% Fib retracement level of the recent drop from the $55,493 high to $50,512 low is also near the $53,000 zone.
If bitcoin fails to clear the $52,500 and $53,000 resistance levels, it could continue to move down.
The next major support is near the $49,200 level, below which the price could test the $48,000 zone.
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