Bitcoin Turns Lower, Why Bulls Could Struggle In Near Term

Bitcoin started a fresh decline from the $48,000 resistance against the US Dollar. BTC remains at a risk of a sharp decline below the $46,000 support zone.

Bitcoin started a fresh decline after it failed to clear the $48,000 resistance level.
The price is trading below $47,000 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $47,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair remains at a risk of a major decline if there is a clear move below $46,000.

Bitcoin Price Remains At Risk
Bitcoin price failed to climb above $48,000 and started another decline. BTC traded below the $47,500 and $47,200 levels to move further into a bearish zone.
The price even moved below the $46,500 level and the 100 hourly simple moving average. A low was formed near $45,707 and the price is now consolidating losses. It tested the 23.6% Fib retracement level of the recent decline from the $47,950 swing high to $45,707 low.
Bitcoin price is now trading below $47,000 and the 100 hourly simple moving average. The first major resistance on the upside is near the $46,850 level. It is near the 50% Fib retracement level of the recent decline from the $47,950 swing high to $45,707 low.

Source: BTCUSD on TradingView.com
Besides, there is a key bearish trend line forming with resistance near $47,100 on the hourly chart of the BTC/USD pair. A clear move above the $47,000 resistance zone and the trend line could start a fresh increase. The next major resistance is near the $48,000 level. Any more gains could send the price towards the $48,500 level in the near term.
More Losses In BTC?
If bitcoin fails to recover above $47,000, it could continue to move down. An immediate support is near the $46,000 zone. The first major support is near $45,800.
A downside break below the $45,800 level could push the price further lower. In the stated case, the price may possibly decline towards the $43,500 level in the coming sessions.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level.
Major Support Levels – $46,000, followed by $45,800.
Major Resistance Levels – $46,800, $47,000 and $47,100.

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