Bitcoin holds key support, what might trigger a strong recovery

Bitcoin is still well below the USD 48,000 resistance level against the U.S. dollar. If BTC fails to stay above the $45,500 support area, it is still at risk of a sharp decline.

  • Bitcoin is trading in a bearish zone below the $48,000 resistance level.
  • The price is below $47,000 and the 100-hour simple moving average.
  • On the hourly chart of the BTC/USD currency pair (data feed from Kraken), there is a major bearish trend line formed with resistance near 47,000 USD.
  • If it stays above the $45,500 support area, the currency pair may start a strong wave of recovery.

Bitcoin prices focus on recovery

The price of Bitcoin is trying to rise again above $47,000.However, BTC failed to break through the $47,500 level and started New decline.

Significantly lower than the levels of 47,200 USD and 47,000 USD. The price even broke the $46,000 support area. In the end, the bulls defended the main support area of ​​$45,500. A low was formed near $45,548, and the price is now consolidating losses.

Bitcoin is trading at less than 47,000 USD, 100 hour simple moving averageIt rose from a swing high of $47,500 to a low of $45,548 above the 23.6% Fibonacci retracement level of the recent decline.

The initial resistance is near $46,500. It is close to the 50% Fibonacci retracement level of the recent swing from a high of $47,500 to a low of $45,548. The first major resistance on the upside is around 47,000 USD. On the hourly chart of the BTC/USD currency pair, there is also a major bearish trend line formed, with resistance near 47,000 USD.

Source: BTCUSD on TradingView.com

A clear break of the USD 47,000 resistance zone and trend line may begin a strong recovery. The next major resistance is near 48,000 USD.

BTC lose more?

If Bitcoin fails to recover above $46,500, it may continue to fall. The immediate support is near the $46,000 area. The first major support is near 45,500 USD.

A break below the $45,500 level may further push prices down. Under the above circumstances, the price may fall to the level of US$43,000 in the next trading day.

Technical index:

Hourly MACD – MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index)-The RSI for BTC/USD is close to the 50 level.

The main support level is 46,000 USD, followed by 45,500 USD.

The main resistance levels – 46,500 USD, 47,000 USD and 47,500 USD.

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