Il price Bitcoin tried once again to break out of the $ 48.500 resistance level. However, after BTC broke through the $ 48.500 resistance, it failed to continue higher in its run, forming a high near $ 48.750. From here, the price started a new decline.
There was therefore a clear break below the $ 48.000 level and the 100-hour simple moving average. The price broke an uptrend line connecting with support near $ 48.000 on the hourly chart.
The bulls are now looking to protect the support zone of $ 46.800. Indeed, a low close to $ 46.827 has formed, with BTC consolidating losses. Immediate resistance to the upside is near the $ 47.200 level, after which the key resistance at $ 47.550 needs to be tested.
However, to start another strong rise, the price must overcome the $ 48.000 resistance. At that point the price will also test $ 48.500, above which it could easily rise towards the key resistance of $ 50.000.
If, on the other hand, Bitcoin fails to break out of the $ 48.000 resistance zone, it could extend its decline. Immediate support to the downside is near the $ 46.800 level and then the $ 46.280 level. A break down below the $ 46.200 zone could trigger a rapid decline to the $ 45.000 or even $ 43.800 level.