Bitcoin Faces Hurdles, Why BTC Could Correct In Short-Term

Bitcoin price is facing a strong resistance above $46,500 against the US Dollar. BTC is slowly correcting lower and it might test the $44,500 support zone.

Bitcoin made a few attempts to settle above $46,000, but it failed.
The price is still trading above $45,000 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $45,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct lower towards $44,500 or even $44,000 in the near term.

Bitcoin Price Could Correct Gains
Bitcoin price traded as high as $46,546 before it faced sellers, similar to ethereum. BTC made a few attempts to settle above $46,000, but it failed.
It is now correcting lower and trading below the $45,600 level. There was a break below the 23.6% Fib retracement level of the upward move from the $42,843 swing low to $46,546 high. Besides, there was a break below a key bullish trend line with support near $45,450 on the hourly chart of the BTC/USD pair.
The pair is still trading above $45,000 and the 100 hourly simple moving average. An immediate support on the downside is near the $45,000 level.

Source: BTCUSD on TradingView.com
On the upside, an initial resistance is near the $46,000 level. The first key resistance is near the $46,200 level. The main resistance is now forming near the $46,500 level. A clear break above the $46,500 resistance zone might start a decent increase. The next major resistance is near the $47,000 level. Any more gains could lead the price towards the $48,000 level.
Dips Supported in BTC?
If bitcoin fails to climb above the $46,000 and $46,200 resistance levels, it could continue to move down. An initial support on the downside is near the $45,000 level.
The first major support is now near the $44,500 zone and the 100 hourly SMA. It is close to the 50% Fib retracement level of the upward move from the $42,843 swing low to $46,546 high. Any more losses may possibly call for a test of the $44,000 level. The next major support could be $43,000.
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 close to the 50 level.
Major Support Levels – $45,000, followed by $44,500.
Major Resistance Levels – $46,000, $46,200 and $46,500.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 37,970.17
ethereum
Ethereum (ETH) $ 2,089.24
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 228.66
xrp
XRP (XRP) $ 0.609599
solana
Solana (SOL) $ 60.24
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 2,087.76
cardano
Cardano (ADA) $ 0.379116
dogecoin
Dogecoin (DOGE) $ 0.083892
tron
TRON (TRX) $ 0.103816
the-open-network
Toncoin (TON) $ 2.42
chainlink
Chainlink (LINK) $ 14.54
avalanche-2
Avalanche (AVAX) $ 21.98
matic-network
Polygon (MATIC) $ 0.770695
polkadot
Polkadot (DOT) $ 5.47
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 37,983.18
dai
Dai (DAI) $ 1.00
litecoin
Litecoin (LTC) $ 70.02
shiba-inu
Shiba Inu (SHIB) $ 0.000008
uniswap
Uniswap (UNI) $ 6.05
bitcoin-cash
Bitcoin Cash (BCH) $ 222.52
leo-token
LEO Token (LEO) $ 3.99
okb
OKB (OKB) $ 56.72
stellar
Stellar (XLM) $ 0.119152
monero
Monero (XMR) $ 170.15
true-usd
TrueUSD (TUSD) $ 1.00
kaspa
Kaspa (KAS) $ 0.129936
cosmos
Cosmos Hub (ATOM) $ 9.36
ethereum-classic
Ethereum Classic (ETC) $ 18.84
crypto-com-chain
Cronos (CRO) $ 0.090618
lido-dao
Lido DAO (LDO) $ 2.42
filecoin
Filecoin (FIL) $ 4.43
internet-computer
Internet Computer (ICP) $ 4.62
hedera-hashgraph
Hedera (HBAR) $ 0.060658
thorchain
THORChain (RUNE) $ 6.50
aptos
Aptos (APT) $ 7.05
near
NEAR Protocol (NEAR) $ 1.89
mantle
Mantle (MNT) $ 0.542507
immutable-x
Immutable (IMX) $ 1.29
binance-usd
BUSD (BUSD) $ 1.00
bittensor
Bittensor (TAO) $ 289.68
vechain
VeChain (VET) $ 0.021658
injective-protocol
Injective (INJ) $ 18.20
optimism
Optimism (OP) $ 1.70
quant-network
Quant (QNT) $ 101.23
aave
Aave (AAVE) $ 99.96
maker
Maker (MKR) $ 1,543.96
the-graph
The Graph (GRT) $ 0.145570
render-token
Render (RNDR) $ 3.50