Bitcoin price is consolidating against the US dollar above the $ 46,000 zone. BTC needs to clear $ 47,500 and $ 48,000 to start a steady surge in the near future.

  • Bitcoin faces major resistance near $ 47,500 and $ 48,000.
  • The price is still trading well below $ 48,000 and the 100-hour simple moving average.
  • The hourly chart of the BTC / USD pair (data feed from Kraken) broke through a connecting bearish trendline with resistance near $ 46,200.
  • The pair could start a decent rise if there is a close above the $ 48,000 resistance zone.

Bitcoin price is aiming for recovery

Bitcoin price remained stable above the USD 46,000 support zone. It appears that BTC is trading in a range above the USD 46,000 support zone and below the USD 47,500 resistance.

Recently, the hourly chart for the BTC / USD pair broke through a connecting bearish trendline with resistance near $ 46,200. The final swing high formed at $ 47,399 before the price corrected lower. There was a break below the $ 47,000 range.

The price fell below the 23.6% fib retracement level of the recent surge from the low of $ 44,444 to the high of $ 47,399. The bulls are now protecting the USD 46,000 support zone.

Source: BTCUSD on TradingView.com

However, the price is still trading well below $ 48,000 and the 100-hour simple moving average. Immediate resistance to the upside is near the $ 47,000 level. The first major resistance is near the $ 47,500 mark. The main hurdle is still near the $ 48,000 mark. A closing price above the $ 48,000 mark could trigger a decent spike in the near future.

More losses at BTC?

If Bitcoin fails to break the $ 48,000 resistance zone, it could continue its decline. Immediate support on the downside is near the $ 46,200 mark.

The first major support is near the $ 45,900 mark. It is close to the 50% fib retracement level of the recent surge from the low of $ 44,444 to the high of $ 47,399. The main support appears to be forming near the $ 45,500 mark. If there is a downside break below the USD 45,500 support zone, the price could extend its decline towards USD 44,000.

Technical indicators:

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

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

Major Support Levels – $ 46,200 followed by $ 45,500.

Main Resistance Levels – $ 47,000, $ 47,500, and $ 48,000.

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