Bitcoin Consolidates, What Could Trigger A Sharp Downside Correction

Bitcoin

Bitcoin price is facing a strong resistance near $46,700 against the US Dollar. BTC is likely to nosedive if it continues to struggle above the $46,500 resistance.

Bitcoin is still struggling to clear the $46,500 and $46,700 resistance levels.
The price is now above the $45,000 zone and the 100 hourly simple moving average.
There was a break below a major bullish trend line with support near $46,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must stay above the $45,000 support to avoid a major decline in the near term.

Bitcoin Price Faces Hurdles
Bitcoin price is still facing a strong barrier near the $46,500 and $46,700 resistance levels. BTC is currently consolidating well below the $46,700 resistance zone.
Recently, there was a minor downside correction from the $46,699 high. The price traded below the $46,000 support level. There was a break below the 50% Fib retracement level of the upward move from the $44,714 swing low to $46,699 high.
Besides, there was a break below a major bullish trend line with support near $46,000 on the hourly chart of the BTC/USD pair. The pair is now above the $45,000 zone and the 100 hourly simple moving average. An immediate support on the downside is near the $45,450 level.
The 61.8% Fib retracement level of the upward move from the $44,714 swing low to $46,699 high is also sitting near the $45,450 level. On the upside, an initial resistance is near the $46,200 level.

Source: BTCUSD on TradingView.com
The first key resistance is near the $46,500 level. The main resistance is now forming near the $46,700 level. A clear break above the $46,700 is must to start another increase. In the stated case, the price might easily rise towards the $47,500 level. The next major resistance is near the $48,000 level.
Sharp Decline in BTC?
If bitcoin fails to climb above the $46,200 and $46,500 resistance levels, it could continue to move down. An initial support on the downside is near the $45,450 level.
The first major support is now near the $45,200 zone and the 100 hourly SMA. The main support could be $45,000. Therefore, a clear downside break below the $45,000 support zone could trigger a sharp decline. The next major support could be $43,200.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level.
Major Support Levels – $45,200, followed by $45,000.
Major Resistance Levels – $46,200, $46,500 and $46,700.

bitcoin
Bitcoin (BTC) $ 61,425.46
ethereum
Ethereum (ETH) $ 3,307.75
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 565.92
solana
Solana (SOL) $ 126.13
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 3,304.23
xrp
XRP (XRP) $ 0.474248
the-open-network
Toncoin (TON) $ 7.19
dogecoin
Dogecoin (DOGE) $ 0.117331
cardano
Cardano (ADA) $ 0.373723
tron
TRON (TRX) $ 0.118291
shiba-inu
Shiba Inu (SHIB) $ 0.000017
avalanche-2
Avalanche (AVAX) $ 24.48
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 61,354.44
chainlink
Chainlink (LINK) $ 13.08
polkadot
Polkadot (DOT) $ 5.56
bitcoin-cash
Bitcoin Cash (BCH) $ 355.74
uniswap
Uniswap (UNI) $ 9.12
near
NEAR Protocol (NEAR) $ 5.45
leo-token
LEO Token (LEO) $ 5.78
wrapped-eeth
Wrapped eETH (WEETH) $ 3,434.72
litecoin
Litecoin (LTC) $ 70.26
dai
Dai (DAI) $ 1.00
matic-network
Polygon (MATIC) $ 0.548572
pepe
Pepe (PEPE) $ 0.000011
internet-computer
Internet Computer (ICP) $ 7.86
ethena-usde
Ethena USDe (USDE) $ 1.00
fetch-ai
Fetch.ai (FET) $ 1.46
kaspa
Kaspa (KAS) $ 0.147939
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,325.86
ethereum-classic
Ethereum Classic (ETC) $ 22.25
monero
Monero (XMR) $ 166.31
aptos
Aptos (APT) $ 6.60
render-token
Render (RNDR) $ 7.12
hedera-hashgraph
Hedera (HBAR) $ 0.075240
cosmos
Cosmos Hub (ATOM) $ 6.53
stellar
Stellar (XLM) $ 0.087322
arbitrum
Arbitrum (ARB) $ 0.765125
okb
OKB (OKB) $ 40.90
mantle
Mantle (MNT) $ 0.745431
crypto-com-chain
Cronos (CRO) $ 0.087960
filecoin
Filecoin (FIL) $ 4.17
first-digital-usd
First Digital USD (FDUSD) $ 1.00
blockstack
Stacks (STX) $ 1.53
immutable-x
Immutable (IMX) $ 1.49
sui
Sui (SUI) $ 0.848713
maker
Maker (MKR) $ 2,196.95
vechain
VeChain (VET) $ 0.024528
injective-protocol
Injective (INJ) $ 20.32