Bitcoin Price Analysis: Key Levels to Monitor for Potential Surge to $52k

Bitcoin's Current Setup

Bitcoin (BTC) traded in a bull flag and broke out about a month ago. However, the outbreak has only led to a pump so far. Recently, BTC has started to trade in a downtrend but has continued to respect the upper boundary of the bull flag.

Potential Price Movement

If Bitcoin continues on this trajectory, it is likely to reach the major support area around $62,000 in the coming days. This presents a critical juncture: if both support lines hold, BTC may initiate a fresh pump; otherwise, the situation could turn bearish.

Key Support Levels

If BTC breaches the support at $62,000, there is a lack of substantial support above $52,000. In such a scenario, a decline to the lower levels of $50,000 could be anticipated.