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Bitcoin Turns Lower, Why Bulls Could Struggle In Near Term

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Bitcoin started a fresh decline from the $48,000 resistance against the US Dollar. BTC remains at a risk of a sharp decline below the $46,000 support zone.

  • Bitcoin started a fresh decline after it failed to clear the $48,000 resistance level.
  • The price is trading below $47,000 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $47,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains at a risk of a major decline if there is a clear move below $46,000.

Bitcoin Price Remains At Risk

Bitcoin price failed to climb above $48,000 and started another decline. BTC traded below the $47,500 and $47,200 levels to move further into a bearish zone.

The price even moved below the $46,500 level and the 100 hourly simple moving average. A low was formed near $45,707 and the price is now consolidating losses. It tested the 23.6% Fib retracement level of the recent decline from the $47,950 swing high to $45,707 low.

Bitcoin price is now trading below $47,000 and the 100 hourly simple moving average. The first major resistance on the upside is near the $46,850 level. It is near the 50% Fib retracement level of the recent decline from the $47,950 swing high to $45,707 low.

Source: BTCUSD on TradingView.com

Besides, there is a key bearish trend line forming with resistance near $47,100 on the hourly chart of the BTC/USD pair. A clear move above the $47,000 resistance zone and the trend line could start a fresh increase. The next major resistance is near the $48,000 level. Any more gains could send the price towards the $48,500 level in the near term.

More Losses In BTC?

If bitcoin fails to recover above $47,000, it could continue to move down. An immediate support is near the $46,000 zone. The first major support is near $45,800.

A downside break below the $45,800 level could push the price further lower. In the stated case, the price may possibly decline towards the $43,500 level in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level.

Major Support Levels – $46,000, followed by $45,800.

Major Resistance Levels – $46,800, $47,000 and $47,100.

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