- BTC launched a consolidation phase inside the $48,500 – $48,000 resistance range.
- Bitcoin’s price wavers beneath $48,000 and 100-hourly Simple Moving Average.
- The hourly chart indicated an incoming connecting bearish trend-line with resistance at $47,600 (Kraken data feed).
- Failure to rise past the $48,000 obstacles might translate to colossal plummets.
Bitcoin struggles to reclaim price levels beyond the resistance at $48,000. The world’s largest cryptocurrency might witness a massive decline if it breaches the downward footing at $46,000.
BTC Still At Risk
Bitcoin kick-started another decline after failing to recover beyond $48,500. The leading digital currency entered a bearish territory after hitting levels beneath $48K and $47.5K. Moreover, the plummets gained speed beneath $47K and 100-hourly Simple Moving Average. The downtrend saw BTC forming a low of around $45,530 before an upward move. The crypto managed to recover past the $46,500 and $47,000 areas.
The price surged beyond the 50% FIB retracement of the vital drop from a swing high of $48,591 to $45,530. Nevertheless, the coin failed to overpower the resistance at $48,000. Furthermore, the BTC/USD hourly chart indicates an emerging connecting bearish trend-line with resistance around $47,600. The trend-line sits close to the 76.4% FIB retracement of the mentioned plunge towards $45,530.
A decisive move beyond the $48,000 hurdle might start a new upward journey. Bitcoin will face its next resistance at $48,500. Further gains from this level will send the crypto to $50,000 in a short time.
Another BTC Decline?
Failure to overcome $48,000 will mean declines for Bitcoin. The token will find the nearest support near $46,400. Meanwhile, the initial massive support stands at $46,100. A downward break under $46,100 might see the crypto hitting the support barrier at $45,500.
Bitcoin should maintain above that support to avoid another drop to $45,000. Increased selling activity will mean a potential plunge to $43,200. For now, BTC needs lucrative sentiments to conquer overhead obstacles for steady upside rallies.
Bitcoin’s Technical Indicators
- Hourly MACD gains speed within bearish range.
- Hourly RSI is under the 50-mark.
- Vital support zones – $46.1K and $45.5K.
- Critical resistance areas – $47.5K, $48K, and $48.5K