Why Bitcoin Price At Risk of A Fresh Drop To $42K

Bitcoin price corrected gains and moved above $45,000 against the US Dollar. BTC is now struggling to surpass $47,000 and it could start another decline.

Bitcoin is facing a major resistance near $47,500 and $48,000 levels.
The price is now trading well below $48,000 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh decline as long as it is trading below the $48,000 pivot level.

Bitcoin Price Faces Hurdles
Bitcoin price declined heavily towards $42,000 before it started a recovery. BTC was able to recover above the $43,500 and $45,000 resistance levels.
The price even climbed above the 23.6% Fib retracement level of the main decline from the $52,800 swing high to $42,000 swing low. The bulls even pushed the price above the $46,000 level. However, they faced sellers near the $47,450 level.
It seems like the 50% Fib retracement level of the main decline from the $52,800 swing high to $42,000 swing low acted as a resistance. There is also a key bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com
The pair is now trading well below $48,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $47,000 level. The first major resistance is near the $47,500 level. A close above the $47,500 level could start a decent increase in the near term. The next major hurdle for the bulls could be near the $48,500 zone.
More Losses In BTC?
If bitcoin fails to clear the $47,500 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $45,500 level.
The first major support is near the $44,800 level. If there is a downside break below the $44,800 support zone, the price could extend its decline. In the stated case, the price could test the $43,000 support.
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 still below the 50 level, with a bearish angle.
Major Support Levels – $45,500, followed by $44,800.
Major Resistance Levels – $47,000, $47,500 and $48,500.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 26,966.23
ethereum
Ethereum (ETH) $ 1,878.73
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 279.36
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.529691
staked-ether
Lido Staked Ether (STETH) $ 1,877.29
cardano
Cardano (ADA) $ 0.346729
dogecoin
Dogecoin (DOGE) $ 0.069701
solana
Solana (SOL) $ 20.15
matic-network
Polygon (MATIC) $ 0.808761
tron
TRON (TRX) $ 0.078732
litecoin
Litecoin (LTC) $ 90.16
polkadot
Polkadot (DOT) $ 5.17
avalanche-2
Avalanche (AVAX) $ 14.55
binance-usd
Binance USD (BUSD) $ 1.00
shiba-inu
Shiba Inu (SHIB) $ 0.000008
dai
Dai (DAI) $ 1.00
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 26,986.23
uniswap
Uniswap (UNI) $ 4.75
leo-token
LEO Token (LEO) $ 3.51
chainlink
Chainlink (LINK) $ 6.19
cosmos
Cosmos Hub (ATOM) $ 10.05
okb
OKB (OKB) $ 45.16
monero
Monero (XMR) $ 146.51
ethereum-classic
Ethereum Classic (ETC) $ 17.42
the-open-network
Toncoin (TON) $ 1.66
stellar
Stellar (XLM) $ 0.089537
bitcoin-cash
Bitcoin Cash (BCH) $ 114.28
lido-dao
Lido DAO (LDO) $ 2.35
true-usd
TrueUSD (TUSD) $ 1.00
internet-computer
Internet Computer (ICP) $ 4.37
filecoin
Filecoin (FIL) $ 4.34
quant-network
Quant (QNT) $ 116.17
aptos
Aptos (APT) $ 8.11
hedera-hashgraph
Hedera (HBAR) $ 0.049649
crypto-com-chain
Cronos (CRO) $ 0.059675
arbitrum
Arbitrum (ARB) $ 1.18
near
NEAR Protocol (NEAR) $ 1.51
vechain
VeChain (VET) $ 0.018619
apecoin
ApeCoin (APE) $ 3.00
the-graph
The Graph (GRT) $ 0.117543
paxos-standard
Pax Dollar (USDP) $ 1.00
frax
Frax (FRAX) $ 0.999013
eos
EOS (EOS) $ 0.889469
algorand
Algorand (ALGO) $ 0.135478
the-sandbox
The Sandbox (SAND) $ 0.518375
rocket-pool
Rocket Pool (RPL) $ 48.74
optimism
Optimism (OP) $ 1.46
elrond-erd-2
MultiversX (EGLD) $ 36.40