Bitcoin was unable to sustain momentum at above $47,000 per USD. BTC began a new decline, and it fell to $45,000 of support.
- After forming a near $47,000 short-term peak, Bitcoin responded negatively.
- It is currently trading at $46,000, below the simple 100-hour moving average.
- On the hourly chart for the BTC/USD pair, there is a bearish trend line that forms with resistance close to $46,600. (Data feed from Kraken).
- For the short term, it is important that the pair does not drop below $45,000 to prevent further negative outcomes.
Bitcoin price gains
Bitcoin’s price attempted another push to surpass the $47,000 resistance area. BTC fell below $47,000, and it reacted negatively.
The downside move was below the $46,000 level of support and the 100 hourly moving average. In order to enter a short-term bearish area, the price dropped below the $45,500 resistance. But, bulls still defend the $45,000 resistance zone.
Price consolidation is underway after a low formed around $45,048. A resistance level of $45,450 is nearby. This is close to the 23.6% Fib Retracement Level of the recent fall from the $46,845 swing high and the $45,048 low.
Next resistance may be at $45,800, or $45,900. Also, the Fib level at the $49,000.048 level represents the 50% fib retracement of the current decline from the $46,845 swing high to the $45,048 lowest.
Source: BTCUSD from TradingView.com
A key bearish trendline is also forming, with resistance at $46,600. This can be seen on the hourly BTC/USD chart. Bitcoin prices must rise above the $46,000 resistance level and the $46,600 resistance level to achieve bullish momentum.
BTC: More losses
It could fall further if bitcoin does not clear the $46,000 barrier. The $45,200 level is a support area for the downside.
Next major support will be seen at the $45,000 level. The downside breakout below the $45,000 level could lead to a serious decline. If this happens, then the price might fall as low as $44,360. This could lead to $44,000 being the next significant support.
Technical indicators
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 50 level.
Major Support Levels – $45,200, followed by $45,000.
Major Resistance Levels – $45,450, $46,000 and $46,600.