Bitcoin Holds Key Support, What Could Trigger Strong Recovery

Bitcoin is still well below the $48,000 resistance against the US Dollar. BTC remains at a risk of a sharp decline if it fails to stay above the $45,500 support zone.

Bitcoin is trading in a bearish zone below the $48,000 resistance level.
The price is trading below $47,000 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might start a strong recovery wave if it stays above the $45,500 support zone.

Bitcoin Price Eyes Recovery
Bitcoin price attempted a fresh increase above the $47,000 level. However, BTC failed to clear the $47,500 level and started a fresh decline.
There was a clear move below the $47,200 and $47,000 levels. The price even dived below the $46,000 support zone. Finally, the bulls defended the main $45,500 support zone. A low is formed near $45,548 and the price is now consolidating losses.
Bitcoin is trading below $47,000 and the 100 hourly simple moving average. It recovered a few points above the 23.6% Fib retracement level of the recent drop from the $47,500 swing high to $45,548 low.
An initial resistance is near the $46,500 level. It is near the 50% Fib retracement level of the recent drop from the $47,500 swing high to $45,548 low. The first major resistance on the upside is near the $47,000 level. There is also a major bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com
A clear move above the $47,000 resistance zone and the trend line could start a strong recovery. The next major resistance is near the $48,000 level.
More Losses In BTC?
If bitcoin fails to recover above $46,500, it could continue to move down. An immediate support is near the $46,000 zone. The first major support is near $45,500.
A downside break below the $45,500 level could push the price further lower. In the stated case, the price may possibly decline towards the $43,000 level in the coming sessions.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is near the 50 level.
Major Support Levels – $46,000, followed by $45,500.
Major Resistance Levels – $46,500, $47,000 and $47,500.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 41,938.24
ethereum
Ethereum (ETH) $ 2,208.57
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 230.99
xrp
XRP (XRP) $ 0.610399
solana
Solana (SOL) $ 60.52
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 2,205.96
cardano
Cardano (ADA) $ 0.399730
dogecoin
Dogecoin (DOGE) $ 0.089264
tron
TRON (TRX) $ 0.102765
chainlink
Chainlink (LINK) $ 15.35
the-open-network
Toncoin (TON) $ 2.39
avalanche-2
Avalanche (AVAX) $ 21.94
matic-network
Polygon (MATIC) $ 0.792756
polkadot
Polkadot (DOT) $ 5.54
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 41,828.21
shiba-inu
Shiba Inu (SHIB) $ 0.000009
dai
Dai (DAI) $ 0.997360
litecoin
Litecoin (LTC) $ 71.87
bitcoin-cash
Bitcoin Cash (BCH) $ 239.98
uniswap
Uniswap (UNI) $ 6.18
leo-token
LEO Token (LEO) $ 3.70
okb
OKB (OKB) $ 57.23
stellar
Stellar (XLM) $ 0.120198
monero
Monero (XMR) $ 169.31
kaspa
Kaspa (KAS) $ 0.138967
true-usd
TrueUSD (TUSD) $ 0.999781
ethereum-classic
Ethereum Classic (ETC) $ 19.83
cosmos
Cosmos Hub (ATOM) $ 9.55
crypto-com-chain
Cronos (CRO) $ 0.094269
internet-computer
Internet Computer (ICP) $ 4.95
near
NEAR Protocol (NEAR) $ 2.17
filecoin
Filecoin (FIL) $ 4.59
hedera-hashgraph
Hedera (HBAR) $ 0.064032
lido-dao
Lido DAO (LDO) $ 2.32
aptos
Aptos (APT) $ 7.38
thorchain
THORChain (RUNE) $ 6.28
bittensor
Bittensor (TAO) $ 320.83
immutable-x
Immutable (IMX) $ 1.42
vechain
VeChain (VET) $ 0.024554
mantle
Mantle (MNT) $ 0.559772
blockstack
Stacks (STX) $ 1.14
binance-usd
BUSD (BUSD) $ 1.00
optimism
Optimism (OP) $ 1.72
quant-network
Quant (QNT) $ 100.13
aave
Aave (AAVE) $ 96.39
the-graph
The Graph (GRT) $ 0.151433
injective-protocol
Injective (INJ) $ 16.05
arbitrum
Arbitrum (ARB) $ 1.06