Bitcoin extended decline below the 47,000$ support zone as opposed to the US Dollar. BTC may reduce, but the bears might remain active near 48,000 Dollars at the time of writing!
BTC dropped further under the 48,000 dollars and 47,000 dollars support levels. The BTC price is now trading well below $48,000, and 100 hours is merely moving average at the time of writing.
Previously, there was a crack below a major uprising channel with support near 49,400$ on the hourly chart of the BTC/USD pair. Further, the pair is improving losses, but there are a lot of hurdles on the upside near 48,000 Dollars.
Moreover, Bitcoin’s price sickened to stay over the $50,000 support zone. As a result, there was a keen cantankerous reaction. Also, the BTC settled below the $50,000 swivel level.
Furthermore, there was a break below the significant uprising channel with the support of near 49,400 Dollars on the hourly chart of the BTC/USD pair. This pair even broke the $47,000 support level. Also, it settled well below the 100 hourly simple moving means.
In addition, a low was formed near $45,759, and the price is now improving. The Bitcoin price is now trading near 23.6% at the time of writing. The Fib retracement level of the descending move from the $50,788 swing high to $45,759 low. Immediate resistance on the upside is near the $47,400 level.
Source: TradingView.com
The first major resistance is near the 48,250 Dollars level. It is near the 50% Fib retracement level of the downward move from the 50,788 Dollars swing high to 45,759 Dollars low. A proper break above the $48,250 resistance could open more doors for more upsides. The next key resistance is near the $50,000 level, gaining momentum.
