Bitcoin Holds Key Support, What Could Trigger Strong Recovery

Bitcoin’s resistance to the US dollar is at $48,000. BTC faces a steep decline if the price falls below $45,500.

  • Bitcoin trades in a bearish zone, below $48,000 resistance.
  • It is currently trading at $47,000, below the simple 100-hour moving average.
  • A major bearish trendline is emerging with resistance close to $47,000 in the hourly BTC/USD chart (data feed Kraken).
  • If the pair remains above $45,500, it could start a strong recovery.

Bitcoin price eye recovery

Bitcoin prices attempted to increase by more than $47,000. BTC fell below the $47.500 mark, and it began to decline again.

The price fell below $47,000 and $47200 levels. Even below the $46,000 support level, the price plunged. The bulls successfully defended the $45,500 main support zone. An area of low volatility is found near $45,548. The market is consolidating its losses.

Bitcoin trading is below $47,000 as well the 100 hourly simple movement average. The Bitcoin price recovered some points from below the 23.6% Fib level of the drop from the $47.500 swing high to the $45,548 low.

The $46,500 mark is the initial resistance. This is close to the 50% Fib level of the drop from $45,548 high to $47,500 low. Near the $47,000 mark is the first significant resistance. A major bearish trendline is also visible on the hourly charts of BTC/USD pairs, with resistance close to $47,000.

Bitcoin Price

Source: BTCUSD from TradingView.com

The trend line and $47,000 resistance could signal a significant recovery. Near the $48,000 mark is the next significant resistance.

BTC Losses:

It could fall further if bitcoin does not recover from $46,500. The $46,000 support zone is the immediate support. Nearly $45,500 is the first significant support.

Price could drop further below $45,500 if there is a downside. If this is the case, then the price might fall towards $43,000 during the next sessions.

Technical indicators

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is near the 50 level.

Major Support Levels – $46,000, followed by $45,500.

Major Resistance Levels – $46,500, $47,000 and $47,500.

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