Bitcoin Corrects Gains, Why Dips Could Be Limited Below $48K

Bitcoin failed to test the $50,000 resistance against the US Dollar. BTC is correcting gains, but dips could be limited below the $47,500 support.

Bitcoin struggled to surpass the $49,500 resistance zone and corrected lower.
The price is trading above $48,000 and the 100 hourly simple moving average.
There was a break below a key rising channel with support near $49,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh increase if it stays above the $47,500 support zone.

Bitcoin Price Remains Supported
Bitcoin price formed a base and started a fresh increase above the $47,500 level. BTC gained pace for a move above the $48,500 level and the 100 hourly simple moving average.
The upward move was such that the price even spiked above the $49,200 resistance. However, the bulls failed to pump the price towards the $50,000 level. A high was formed near $49,599 and the price started a downside correction.
There was a break below the $49,000 level. Besides, there was a break below a key rising channel with support near $49,000 on the hourly chart of the BTC/USD pair.
The pair traded below the 23.6% Fib retracement level of the upward move from the $45,600 swing low to $45,599 high. Bitcoin tested the $48,000 zone and is currently rising. It is facing resistance near the $48,800 zone.

Source: BTCUSD on TradingView.com
The next key resistance could be $49,200. The main breakout zone is now near $49,500. A clear move above the $49,500 resistance zone could lift the market sentiment for a move above $50,000. The next major stop for the bulls may possibly be near the $51,200 level.
Dips Limited In BTC?
If bitcoin fails to clear the $49,500 resistance zone, it could extend its decline. An immediate support on the downside is near the $48,000 level.
The first major support is near $47,500. It is near the 50% Fib retracement level of the upward move from the $45,600 swing low to $45,599 high. A downside break below the $47,500 level could push the price towards the $46,500 support, below which the price could test $45,500.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level.
Major Support Levels – $48,000, followed by $47,500.
Major Resistance Levels – $49,000, $49,500 and $50,000.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 26,296.05
ethereum
Ethereum (ETH) $ 1,595.30
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 212.73
xrp
XRP (XRP) $ 0.501981
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 1,592.66
cardano
Cardano (ADA) $ 0.246477
dogecoin
Dogecoin (DOGE) $ 0.060860
solana
Solana (SOL) $ 19.38
tron
TRON (TRX) $ 0.084869
the-open-network
Toncoin (TON) $ 2.15
polkadot
Polkadot (DOT) $ 4.04
matic-network
Polygon (MATIC) $ 0.521492
litecoin
Litecoin (LTC) $ 64.47
shiba-inu
Shiba Inu (SHIB) $ 0.000007
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 26,278.04
bitcoin-cash
Bitcoin Cash (BCH) $ 213.51
chainlink
Chainlink (LINK) $ 7.45
dai
Dai (DAI) $ 1.00
leo-token
LEO Token (LEO) $ 3.79
true-usd
TrueUSD (TUSD) $ 0.999290
uniswap
Uniswap (UNI) $ 4.29
avalanche-2
Avalanche (AVAX) $ 9.02
stellar
Stellar (XLM) $ 0.111836
monero
Monero (XMR) $ 144.69
okb
OKB (OKB) $ 43.04
binance-usd
BUSD (BUSD) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 15.19
cosmos
Cosmos Hub (ATOM) $ 7.06
hedera-hashgraph
Hedera (HBAR) $ 0.049826
filecoin
Filecoin (FIL) $ 3.21
crypto-com-chain
Cronos (CRO) $ 0.050198
internet-computer
Internet Computer (ICP) $ 2.95
lido-dao
Lido DAO (LDO) $ 1.47
aptos
Aptos (APT) $ 5.49
mantle
Mantle (MNT) $ 0.390875
quant-network
Quant (QNT) $ 85.65
maker
Maker (MKR) $ 1,339.27
vechain
VeChain (VET) $ 0.016598
arbitrum
Arbitrum (ARB) $ 0.821795
near
NEAR Protocol (NEAR) $ 1.10
optimism
Optimism (OP) $ 1.27
kaspa
Kaspa (KAS) $ 0.046583
rocket-pool-eth
Rocket Pool ETH (RETH) $ 1,728.06
aave
Aave (AAVE) $ 61.97
the-graph
The Graph (GRT) $ 0.087285
algorand
Algorand (ALGO) $ 0.097514
whitebit
WhiteBIT Coin (WBT) $ 5.22
usdd
USDD (USDD) $ 0.997472