Why It Is Vulnerable To Below 48k

Bitcoin is struggling to clear the $50,000 resistance zone against the US Dollar. BTC could decline heavily if there is a clear move below the $47,300 level.

Bitcoin is struggling and showing bearish signs below the $50,000 resistance.
The price is now trading below $49,500 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $49,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh increase if it is able to clear the $50,000 level.

Bitcoin Price Holds Key Support
Bitcoin price started a fresh decline from the $52,000 resistance zone. BTC broke the $49,000 support level and settled below the 100 hourly simple moving average.
There was also a move below the $48,000 level, but the bulls were active near the $47,300 zone. A low is formed near $47,298 and the price is now correcting losses. There was a move above the $48,000 resistance zone.
Bitcoin climbed above the 23.6% Fib retracement level of the downward move from the $51,955 swing high to $47,298 low. The price is now trading below $49,500 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $49,000 level.
The next major resistance is near the $49,500 level. There is also a major bearish trend line forming with resistance near $49,900 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com
The trend line is close to the 50% Fib retracement level of the downward move from the $51,955 swing high to $47,298 low. A clear break above the $49,500 resistance zone could open the doors for more upsides. The next key resistance is near the $50,000 level, above which the price may possibly start a steady increase.
More Losses In BTC?
If bitcoin fails to clear the $49,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $48,000 level.
The first major support is now forming near the $47,300 level. A downside break below the $47,300 support may perhaps increase selling pressure. The next stop for the bears might be $46,000.
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 currently above the 50 level.
Major Support Levels – $48,000, followed by $47,300.
Major Resistance Levels – $49,500, $50,000 and $52,000.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 27,228.30
ethereum
Ethereum (ETH) $ 1,906.04
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 307.41
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.525922
staked-ether
Lido Staked Ether (STETH) $ 1,905.49
cardano
Cardano (ADA) $ 0.381199
dogecoin
Dogecoin (DOGE) $ 0.073040
solana
Solana (SOL) $ 21.61
matic-network
Polygon (MATIC) $ 0.905460
tron
TRON (TRX) $ 0.081737
litecoin
Litecoin (LTC) $ 96.45
polkadot
Polkadot (DOT) $ 5.36
binance-usd
Binance USD (BUSD) $ 1.00
shiba-inu
Shiba Inu (SHIB) $ 0.000009
avalanche-2
Avalanche (AVAX) $ 14.76
dai
Dai (DAI) $ 1.00
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 27,254.30
uniswap
Uniswap (UNI) $ 5.12
leo-token
LEO Token (LEO) $ 3.61
chainlink
Chainlink (LINK) $ 6.51
cosmos
Cosmos Hub (ATOM) $ 10.81
okb
OKB (OKB) $ 46.00
monero
Monero (XMR) $ 150.01
ethereum-classic
Ethereum Classic (ETC) $ 18.21
the-open-network
Toncoin (TON) $ 1.74
stellar
Stellar (XLM) $ 0.092545
bitcoin-cash
Bitcoin Cash (BCH) $ 116.53
internet-computer
Internet Computer (ICP) $ 4.84
filecoin
Filecoin (FIL) $ 4.86
lido-dao
Lido DAO (LDO) $ 2.35
true-usd
TrueUSD (TUSD) $ 0.999619
aptos
Aptos (APT) $ 9.11
quant-network
Quant (QNT) $ 117.58
hedera-hashgraph
Hedera (HBAR) $ 0.050919
crypto-com-chain
Cronos (CRO) $ 0.060550
arbitrum
Arbitrum (ARB) $ 1.23
near
NEAR Protocol (NEAR) $ 1.65
vechain
VeChain (VET) $ 0.020061
the-graph
The Graph (GRT) $ 0.129596
apecoin
ApeCoin (APE) $ 3.16
algorand
Algorand (ALGO) $ 0.152939
the-sandbox
The Sandbox (SAND) $ 0.578292
eos
EOS (EOS) $ 0.920022
paxos-standard
Pax Dollar (USDP) $ 0.999805
frax
Frax (FRAX) $ 0.999988
render-token
Render (RNDR) $ 2.73
elrond-erd-2
MultiversX (EGLD) $ 38.73
optimism
Optimism (OP) $ 1.51