Bitcoin price remains above the $51,500 support, but the bearish outlook continues to worsen. If the price breaks below this support, it could drop around 5% in the coming sessions. However, there are still important dynamic support levels for the price.BTC is finding it difficult to stay above $51,000 as bears push the price lower. However, after this minor correction, the bullish trend will resume as buyers outnumber sellers.At the time of writing, BTC is trading at $51,627.86, up 1.12% intraday. However, trading volume dropped by almost 15.50%, showing weakness.Additionally, the 24-hour trading volume is 15.95 billion and the current market capitalization is $1.08 trillion.The coin had a weak performance this week, with a negative return of 0.50%. However, the rest of the year saw Bitcoin’s performance be spectacular. It returned 29.33% last month and has grown nearly 37.83% in the past 3 months. Looking at 6-month returns, it is up 97.84%, and year-to-date, it is up nearly 22.20%.Technical analysis of Bitcoin daily time frameBitcoin price is trending bearishly on the daily chart, having seen a series of lower moves in recent sessions.Following a brief correction on the daily chart, the Relative Strength Index (RSI) suggests that Bitcoin price may fall further as the curve begins to decline. The histogram of the Moving Average Convergence Divergence (MACD) also turns red and moves towards the middle.Increased seller power could see Bitcoin price test $50,000 levels. A longer decline could take BTC towards the $48,000 mark, but it has multiple dynamic supports at lower levels.On the other hand, increased buyer pressure could push Bitcoin price above the $52,985 mark, breaking out of this range. This would open the way for BTC to reach a market cap of $55,000.techinque levelSupport level: $51000Resistance: $52,000Follow me, face my fans, share my bull market strategy layout for free, and become a free blogger, just to increase my fans.
