Bitcoin Resumes Decline, Indicators Suggest Limited Upside

Bitcoin experienced a sharp decline in value against the US Dollar, falling below its $50,000 support. BTC still faces a greater risk than $47,500 below its current support.

  • Bitcoin experienced a sharp decline, falling below $49,500 and $50,000 support levels.
  • It is currently trading at $49,000, below the simple 100-hour moving average.
  • On the hourly chart, the BTC/USD pair saw a breaking below the bearish continuation pattern. Support was near $49,000. (data feed Kraken).
  • Although the pair may correct higher in the future, upsides could be restricted to $49,200 for now.

Bitcoin Price Gains Bearish Momentum

Bitcoin prices failed to grow and began a new decline below the $50,000 level. BTC moved into a bearish zone when it traded below $49,200 levels and $49,000 levels.

On the hourly chart for the BTC/USD pair, the price broke below the bearish continuation pattern and reached support at $49,200. It traded as low as the $48,500 level and close to the $47,000.

The price has been consolidating since a low was formed at $47,305. Bitcoin trades below $49,000, the 100-hourly simple moving average and is currently trading at $49,000. The $48,200 mark is the immediate resistance. At the $48,500 level is the initial major resistance.

Also, the near $48,500 Fib retracement point of the recent fall from the $52,111 swing low to the $47.305 high is 23.6%. Next key resistance is $49,800.

Bitcoin Price

Source: BTCUSD from

The Fib retracement levels of the most recent fall from the $52,111 high swing to $47.305 low are near the $49,000. Zone. An obvious move higher than the $49,000.00 resistance level could trigger a new increase. For bulls, the next stop could be at the $51,200 mark.

BTC Losses:

Bitcoin could move lower if it fails to rebound above $49,000. The $47,500 area is the immediate support. Nearly $47,200 is the first significant support.

The price could move towards $46,500 support by a downside breakout below the $47,000. A further loss could push the price to the $45,500 level.

Indicators technical

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 40 level.

Major Support Levels – $47,200, followed by $46,500.

Major Resistance Levels – $48,200, $48,800 and $49,800.

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