Bitcoin Resumes Decline, Why BTC Could Dive To $45K

Bitcoin price failed to settle above $48,500 and corrected lower against the US Dollar. BTC is now facing many hurdles near $47,500 and $48,000.

Bitcoin extended its decline and tested the $46,500 support zone.
The price is now trading below $48,500 and the 100 hourly simple moving average.
There is a connecting bearish trend line forming with resistance near $48,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could extend its decline unless it clears the $48,500 level and the 100 hourly SMA.

Bitcoin Price Slides Again
Bitcoin price made an attempt to surpass the $49,000 resistance zone. However, BTC failed to gain strength above the $49,200 level. A high was formed near $49,335 before the price started a fresh decline.
There was a sharp decline below the $48,500 support level and the 100 hourly simple moving average. The price even broke the $47,500 and $47,000 levels. It tested the $46,500 support and a low is formed near the $46,493.
It is now consolidating losses above the $46,500 level. Bitcoin recovered above the 23.6% Fib retracement level of the recent decline from the $49,335 swing high to $46,493 low. It is now facing resistance near the $47,500 level.

Source: BTCUSD on TradingView.com
The first major resistance is near the $48,000 level. It is close to the 50% Fib retracement level of the recent decline from the $49,335 swing high to $46,493 low. There is also a connecting bearish trend line forming with resistance near $48,550 on the hourly chart of the BTC/USD pair. To start a strong increase, the price must clear the $48,500 resistance and the 100 hourly SMA.
More Losss in BTC?
If bitcoin fails to climb above the $48,500 resistance, it could start a fresh increase. On the downside, an immediate support is near the $46,800 level.
The first key support is near the $46,500 level. If there is a downside break below the $46,500 support, the price could continue to move down. The next major support is near the $46,200 level. Any more losses could open the doors for a move towards the $45,000 support zone.
Technical indicators:
Hourly MACD – The MACD is losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 level.
Major Support Levels – $46,500, followed by $46,200.
Major Resistance Levels – $47,900, $48,000 and $48,500.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 42,197.31
ethereum
Ethereum (ETH) $ 2,215.62
tether
Tether (USDT) $ 0.999398
bnb
BNB (BNB) $ 230.26
xrp
XRP (XRP) $ 0.612666
solana
Solana (SOL) $ 60.29
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 2,213.51
cardano
Cardano (ADA) $ 0.399819
dogecoin
Dogecoin (DOGE) $ 0.089752
tron
TRON (TRX) $ 0.102909
chainlink
Chainlink (LINK) $ 15.43
the-open-network
Toncoin (TON) $ 2.40
avalanche-2
Avalanche (AVAX) $ 22.11
matic-network
Polygon (MATIC) $ 0.793243
polkadot
Polkadot (DOT) $ 5.56
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 42,104.28
shiba-inu
Shiba Inu (SHIB) $ 0.000009
dai
Dai (DAI) $ 0.995466
litecoin
Litecoin (LTC) $ 71.95
bitcoin-cash
Bitcoin Cash (BCH) $ 241.03
uniswap
Uniswap (UNI) $ 6.17
leo-token
LEO Token (LEO) $ 3.71
okb
OKB (OKB) $ 57.41
stellar
Stellar (XLM) $ 0.120405
monero
Monero (XMR) $ 169.84
kaspa
Kaspa (KAS) $ 0.139941
true-usd
TrueUSD (TUSD) $ 0.999559
ethereum-classic
Ethereum Classic (ETC) $ 19.85
cosmos
Cosmos Hub (ATOM) $ 9.62
crypto-com-chain
Cronos (CRO) $ 0.094717
internet-computer
Internet Computer (ICP) $ 5.00
near
NEAR Protocol (NEAR) $ 2.19
filecoin
Filecoin (FIL) $ 4.61
hedera-hashgraph
Hedera (HBAR) $ 0.064530
lido-dao
Lido DAO (LDO) $ 2.33
aptos
Aptos (APT) $ 7.40
bittensor
Bittensor (TAO) $ 338.74
thorchain
THORChain (RUNE) $ 6.34
immutable-x
Immutable (IMX) $ 1.43
vechain
VeChain (VET) $ 0.024730
mantle
Mantle (MNT) $ 0.568341
blockstack
Stacks (STX) $ 1.20
binance-usd
BUSD (BUSD) $ 1.00
optimism
Optimism (OP) $ 1.74
quant-network
Quant (QNT) $ 100.78
the-graph
The Graph (GRT) $ 0.151705
aave
Aave (AAVE) $ 96.40
arbitrum
Arbitrum (ARB) $ 1.07
terra-luna
Terra Luna Classic (LUNC) $ 0.000232