Il price Bitcoin it failed to recover above $ 48.500 and began another decline. BTC traded below the $ 48.000 and $ 47.500 levels to move into a bearish zone. The decline then gained pace below the $ 47.000 level and below the 100-hour simple moving average. A low close to $ 45.530 was formed before the price began an upward correction. Bitcoin was therefore able to recover above the $ 46.500 and $ 47.000 levels.
The price rose above the 50% Fibonacci retracement level of the key decline but failed to break out of the $ 48.000 resistance zone. Additionally, there is a bearish link trendline forming with resistance near $ 47.600 on the hourly chart of the BTC / USD pair.
At this point, only a firm move above the $ 48.000 resistance zone could trigger a new hike. The next major resistance is near the $ 48.500 level. Any other gains could send the price towards the $ 50.000 level already in the short term.
If Bitcoin fails to recover above $ 48.000, it may continue to move lower. Immediate support is near the $ 46.400 zone. The first major support is close to $ 46.100.
A break down below the $ 46.100 level could push the price towards the $ 45.500 support. Any other losses could trigger a larger decline below the $ 45.000 support zone. In this case, the price could drop towards the $ 43.200 level.