Bitcoin price struggled to recover above the $46,000 resistance against the US Dollar. BTC could continue lower below the $44,200 support zone in the near term.
- Bitcoin is facing a major resistance near the $45,500 and $46,000 levels.
- The price is now trading below $45,000 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $45,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could accelerate further lower if there is a clear break below the $44,200 level.
Bitcoin Price Remains At Risk
Bitcoin price traded as low as $44,258 before it attempted an upside correction. BTC managed to recover above the $45,000 resistance level.
There was a break above the 50% Fib retracement level of the recent decline from the $47,200 swing high to $44,258 low. The price even spiked above the $45,500 resistance zone, but upsides were limited.
Source:
It is now trading below $45,000 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $45,000 level. The first key resistance is near the $45,500 level and the trend line. If bitcoin clears the $45,200 and $45,500 resistance levels, it could attempt more gains above the $46,000 level.
