Bitcoin Price Struggles Below $48K, Why BTC Could Correct Lower

Bitcoin price started another increase above the $46,500 resistance. BTC cleared the $47,800 resistance and spiked toward $48,000 before the bears appeared.

• Bitcoin topped near the $49,000 level and corrected gains.
• The price is trading above $45,500 and the 100 hourly Simple moving average.
• There is a key bullish trend line forming with support near $45,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start a fresh decline if there is a move below the $45,600 support zone.

Bitcoin Price Faces Rejection

Bitcoin price attempted a fresh increase above the $46,800 and $47,200 levels. BTC even cleared the $48,000 resistance and spiked toward $49,000. A new multi-week high was formed near $49,000 before the price trimmed all gains.

There was a sharp move below the $47,500 and $47,000 levels. The price even retested the $45,500 support zone. A low was formed near $45,619 and the price is now consolidating losses.

Bitcoin is trading above $45,500 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $45,900 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $46,400 level and the 23.6% Fib retracement level of the downward move from the $49,000 swing high to the $45,619 low.

The first major resistance is $47,300 or the 50% Fib retracement level of the downward move from the $49,000 swing high to the $45,619 low. A clear move above the $47,300 resistance could send the price toward the $48,200 resistance.

Source: The next resistance is now forming near the $49,000 level. A close above the $49,000 level could send the price further higher. The next major resistance sits at $50,000.

More Losses In BTC?

If Bitcoin fails to rise above the $47,300 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $45,900 level and the trend line. The next major support is $45,500. If there is a move below $45,500, the price could gain bearish momentum. In the stated case, the price could drop toward the $44,450 support in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $45,900, followed by $45,500. Major Resistance Levels – $47,300, $48,200, and $49,000.