Why BTC Bears Remain In Control Below $50K

Bitcoin continued to fall below $47,000 against the US dollar. BTC might correct lower but bears may remain active around $48,000.

  • Bitcoin continued to fall below $48,000 and $47,000 levels of support.
  • This price trades well below $48,000, and is close to the simple moving average of 100 hours.
  • A break was seen earlier below a significant rising channel and support close to $49,000. (Data feed from Kraken).
  • While the couple is correcting their losses, there are many obstacles on the way to success. The average price of $48,000.

Bitcoin Price Breaks Key Support

Bitcoin’s price did not rise above $50,000. BTC fell below the $50,000 pivot point due to a strong bearish reaction.

On the hourly chart, the BTC/USD pair saw a dip below a rising channel and support close to $49,000. It even crossed the $47,000 resistance level. The pair also settled lower than the 100 hourly simple moving mean.

Near $45,759, a low was established and now the price is correcting its losses. Bitcoin’s price currently trades near the 23.6% Fib level of the decline from the high at $50,788 to low at $45,759 and is close to that level. A resistance level near $47,000. is immediate.

Bitcoin Price

Source: BTCUSD at TradingView.com

It is located near $48,250. The 50% Fib Retracement level is at the bottom of the decline from the $50788 swing high and $45,759 lower. If the price breaks above $48,250, it could offer more upside potential. Near the $50,000 mark, the next major resistance. Above that price could gain momentum.

BTC: More losses

It could fall further if bitcoin does not clear the $48,250 zone of resistance. The $46,500 level is a support area for the downside.

Near the $46,000 support, we see the first major support. The price could move towards $45,500 if it breaks below that $46,000 level. Price could fall further towards $45,000 in the immediate future if it suffers more losses.

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 currently well below the 50 level.

Major Support Levels – $46,250, followed by $46,000.

Major Resistance Levels – $47,400, $48,000 and $48,250.

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