Bitcoin Tops Above $46.5K, Why BTC Could Extend Losses

Bitcoin price failed to continue higher above $46,700 against the US Dollar. BTC is correcting gains and it might revisit the $42,850 support zone.

Bitcoin failed to clear the $46,500 and $46,700 resistance levels.
The price is now trading below $45,000 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $45,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to extend its decline towards the $43,000 and $42,850 support levels.

Bitcoin Price Starts Downside Correction
Bitcoin price failed to continue higher above the $46,500 and $46,700 resistance levels. As a result, BTC reacted to the downside below the $46,000 support zone.
There was a break below a key bullish trend line with support near $45,900 on the hourly chart of the BTC/USD pair. The pair broke the $45,000 support level and it settled below the 100 hourly simple moving average. It even traded below the $44,000 level.
A low was formed near $43,785 and the price is now correcting losses. It recovered above the $44,000 and $44,500 levels. There was a break above the 23.6% Fib retracement level of the recent decline from the $46,758 swing high to $43,785 low.
On the upside, an initial resistance is near the $45,000 level. The first key resistance is near the $45,250 level and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the recent decline from the $46,758 swing high to $43,785 low.

Source: BTCUSD on TradingView.com
The next main resistance is now forming near the $45,500 level. A clear break above the $45,250 and $45,500 resistance levels could start a decent increase.
More Losses in BTC?
If bitcoin fails to climb above the $45,250 and $45,500 resistance levels, it could continue to move down. An initial support on the downside is near the $44,500 level.
The first major support is now near the $44,000 zone. If the price fails to stay above the $44,000 support level, it could move down towards the $43,000 support level. The next major support is near $42,850, where the bulls are likely to take a stand.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $44,500, followed by $44,000.
Major Resistance Levels – $45,000, $45,250 and $45,500.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 66,421.80
ethereum
Ethereum (ETH) $ 3,613.33
tether
Tether (USDT) $ 0.999952
bnb
BNB (BNB) $ 607.94
solana
Solana (SOL) $ 149.26
staked-ether
Lido Staked Ether (STETH) $ 3,614.14
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.487601
dogecoin
Dogecoin (DOGE) $ 0.136463
the-open-network
Toncoin (TON) $ 7.95
cardano
Cardano (ADA) $ 0.415272
shiba-inu
Shiba Inu (SHIB) $ 0.000021
avalanche-2
Avalanche (AVAX) $ 29.89
tron
TRON (TRX) $ 0.117986
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 66,578.84
chainlink
Chainlink (LINK) $ 15.02
polkadot
Polkadot (DOT) $ 6.35
uniswap
Uniswap (UNI) $ 11.32
bitcoin-cash
Bitcoin Cash (BCH) $ 424.69
near
NEAR Protocol (NEAR) $ 5.65
litecoin
Litecoin (LTC) $ 78.66
matic-network
Polygon (MATIC) $ 0.614789
wrapped-eeth
Wrapped eETH (WEETH) $ 3,756.78
leo-token
LEO Token (LEO) $ 5.87
dai
Dai (DAI) $ 0.999423
pepe
Pepe (PEPE) $ 0.000012
internet-computer
Internet Computer (ICP) $ 9.47
kaspa
Kaspa (KAS) $ 0.158708
ethereum-classic
Ethereum Classic (ETC) $ 25.28
fetch-ai
Fetch.ai (FET) $ 1.46
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,599.78
aptos
Aptos (APT) $ 7.84
ethena-usde
Ethena USDe (USDE) $ 1.00
monero
Monero (XMR) $ 175.97
render-token
Render (RNDR) $ 8.34
hedera-hashgraph
Hedera (HBAR) $ 0.085949
filecoin
Filecoin (FIL) $ 5.21
mantle
Mantle (MNT) $ 0.896793
stellar
Stellar (XLM) $ 0.098626
cosmos
Cosmos Hub (ATOM) $ 7.18
okb
OKB (OKB) $ 45.94
blockstack
Stacks (STX) $ 1.87
arbitrum
Arbitrum (ARB) $ 0.918120
crypto-com-chain
Cronos (CRO) $ 0.097797
dogwifcoin
dogwifhat (WIF) $ 2.57
immutable-x
Immutable (IMX) $ 1.69
first-digital-usd
First Digital USD (FDUSD) $ 0.999074
injective-protocol
Injective (INJ) $ 24.80
sui
Sui (SUI) $ 0.970195
optimism
Optimism (OP) $ 2.08