Bitcoin is falling, why the bulls may struggle in the short term

Bitcoin started a new decline from the USD 48,000 resistance level against the U.S. dollar. There is still a risk of BTC falling sharply below the USD 46,000 support zone.

  • After failing to break the resistance level of 48,000 USD, Bitcoin started a new decline.
  • 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), a key bearish trend line is formed, with resistance near $47,100.
  • If it clearly falls below US$46,000, the currency pair is still at risk of a sharp decline.

Bitcoin price is still at risk

Bitcoin price failed to climb above $48,000 and started Down again. BTC is trading below US$47,500 and US$47,200, further entering the bearish zone.

The price even fell below $46,500 100 hour simple moving averageA low was formed near $45,707 and the price is now consolidating losses. It tested the 23.6% Fibonacci retracement of the recent decline from the swing high of $47,950 to the low of $45,707.

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

Source: BTCUSD on TradingView.com

In addition, on the hourly chart of the BTC/USD currency pair, a key bearish trend line is formed, and the resistance is near 47,100 USD. A clear break through the USD 47,000 resistance zone and trend line may start a new rise. The next major resistance is near 48,000 USD. In the short term, any more gains could raise the price to the level of $48,500.

BTC lose more?

If Bitcoin fails to recover above $47,000, it may continue to fall. The immediate support is near 46,000 USD. The first major support is near 45,800 USD.

A fall below the $45,800 level may further push prices down. Under the above circumstances, the price may fall to the level of $43,500 in the next trading day.

Technical index:

Hourly MACD – The MACD is now accelerating in the bearish zone.

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

The main support level is 46,000 USD, followed by 45,800 USD.

The main resistance levels-46,800 USD, 47,000 USD and 47,100 USD.

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