Bitcoin price corrected gains and moved above $45,000 against the US Dollar. BTC is now struggling to surpass $47,000 and it could start another decline.
Bitcoin Price Faces Hurdles
Bitcoin price declined heavily towards $42,000 before it started a recovery. BTC was able to recover above the $43,500 and $45,000 resistance levels.
The price even climbed above the 23.6% Fib retracement level of the main decline from the $52,800 swing high to $42,000 swing low. The bulls even pushed the price above the $46,000 level. However, they faced sellers near the $47,450 level.
It seems like the 50% Fib retracement level of the main decline from the $52,800 swing high to $42,000 swing low acted as a resistance. There is also a key bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The pair is now trading well below $48,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $47,000 level. The first major resistance is near the $47,500 level. A close above the $47,500 level could start a decent increase in the near term. The next major hurdle for the bulls could be near the $48,500 zone.
More Losses In BTC?
If bitcoin fails to clear the $47,500 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $45,500 level.
The first major support is near the $44,800 level. If there is a downside break below the $44,800 support zone, the price could extend its decline. In the stated case, the price could test the $43,000 support.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still below the 50 level, with a bearish angle.
Major Support Levels – $45,500, followed by $44,800.
Major Resistance Levels – $47,000, $47,500 and $48,500.
Ripple-linked XRP may be one of the biggest names in the cryptoverse today, but its…
The debate over whether Bitcoin’s hashing algorithm can be hacked continues to evolve. This time,…
The Cardano Foundation has urged the European Commission not to broaden the Markets in Crypto-Assets…
Matt Crosby, a research director at Look Into Bitcoin, said in a recent interview that…
Cardano could be heading toward a fresh wave of adoption as market analyst Lana Valentis…
XRP bulls may have a reason to smile after a sharp surge in on-chain transaction…