Bitcoin price is trading below the USD 48,000 resistance zone against the US dollar. BTC could fall sharply if it does not stay above the USD 46,500 support zone.

  • Bitcoin couldn’t top $ 48,250 and fell back to $ 46,500.
  • The price is now trading well below $ 48,000 and the 100-hour simple moving average.
  • A key bearish trendline is forming on the hourly chart of the BTC / USD pair (data feed from Kraken) with resistance near USD 47,850.
  • The pair could accelerate further down if there is a break below the USD 46,500 support zone.

Key support for Bitcoin price testing

Bitcoin price attempted an upside break above the USD 48,000 resistance zone. However, BTC stayed below the 100-hour simple moving average and topped near the $ 48,250 mark.

A high was formed near $ 48,245 and the price began another decline. It broke the $ 47,500 and $ 47,000 support levels. It traded near the $ 46,500 support zone and a low formed at $ 46,540. It is now consolidating losses near the 23.6% fib retracement level of the recent decline from the high of $ 48,245 to the low of $ 46,540.

Additionally, Bitcoin is now trading well below $ 48,000 and the 100-hour simple moving average. On the downside, important support is forming near the $ 46,500 zone.

Source: BTCUSD on TradingView.com

If there is a downside break below the USD 46,500 support zone, the price could accelerate downward. The next big support is near the $ 45,500 mark, below which the price could hit $ 45,000 again. Other drawbacks could potentially set the pace for a larger decline towards $ 42,000.

New rise in BTC?

If Bitcoin stays above the USD 46,500 support zone, it could see another spike. Immediate resistance to the upside is near the $ 47,200 mark. The first major resistance is near the $ 47,400 mark. It is close to the 50% Fib retracement level of the recent decline from the high of $ 48,245 to the low of $ 46,540.

The main resistance is near the $ 48,000 level and the 100-hour simple moving average. A significant break above the $ 48,000 mark could pave the way for a decent rise in the short term.

Technical indicators:

Hourly MACD – The MACD is picking up pace in the bearish zone.

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

Major Support Levels – $ 46,500, followed by $ 45,000.

Main Resistance Levels – $ 47,200, $ 47,400, and $ 48,000.

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