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Bitcoin Price Struggles Below $48K, Why BTC Could Correct Lower

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Bitcoin price started another increase above the $46,500 resistance. BTC cleared the $47,800 resistance and spiked toward $48,000 before the bears appeared.

  • Bitcoin topped near the $49,000 level and corrected gains.
  • The price is trading above $45,500 and the 100 hourly Simple moving average.
  • There is a key bullish trend line forming with support near $45,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh decline if there is a move below the $45,600 support zone.

Bitcoin Price Faces Rejection

Bitcoin price attempted a fresh increase above the $46,800 and $47,200 levels. BTC even cleared the $48,000 resistance and spiked toward $49,000. A new multi-week high was formed near $49,000 before the price trimmed all gains.

There was a sharp move below the $47,500 and $47,000 levels. The price even retested the $45,500 support zone. A low was formed near $45,619 and the price is now consolidating losses.

Bitcoin is trading above $45,500 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $45,900 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $46,400 level and the 23.6% Fib retracement level of the downward move from the $49,000 swing high to the $45,619 low.

The first major resistance is $47,300 or the 50% Fib retracement level of the downward move from the $49,000 swing high to the $45,619 low. A clear move above the $47,300 resistance could send the price toward the $48,200 resistance.

Bitcoin Price

Source: BTCUSD on TradingView.com

The next resistance is now forming near the $49,000 level. A close above the $49,000 level could send the price further higher. The next major resistance sits at $50,000.

More Losses In BTC?

If Bitcoin fails to rise above the $47,300 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $45,900 level and the trend line.

The next major support is $45,500. If there is a move below $45,500, the price could gain bearish momentum. In the stated case, the price could drop toward the $44,450 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $45,900, followed by $45,500.

Major Resistance Levels – $47,300, $48,200, and $49,000.

Source

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About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
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