Bitcoin Price Analysis: BTC Faces Major Hurdle Near $47K

• Bitcoin price started a fresh decline from well above $48,000 against the US Dollar.
• The price is now trading below $47,000 and the 55 simple moving average (4-hours).
• There is a major bearish trend line forming with resistance near $47,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
• The pair could decline heavily if there is a clear move below the $45,555 support zone.

Bitcoin price is trading below $48,000 against the US Dollar. BTC might continue to decline as long as it is below the $48,000 resistance level.

Bitcoin Price Analysis

Bitcoin price started a fresh decline from the $48,500 resistance. BTC traded below the $48,000 and $47,000 support levels to move again into a bearish zone.

There was also a move below the $46,000 level. However, the bulls remained active near the $45,500 zone. A low is formed near $456,515 and the price is now consolidating losses. It is trading below $47,000 and the 55 simple moving average (4-hours).

On the upside, an initial resistance is near the $46,800 level. The first key resistance is forming near the $47,000 zone. There is also a major bearish trend line forming with resistance near $47,000 on the 4-hours chart of the BTC/USD pair.

The trend line is near the 23.6% Fib retracement level of the downward move from the $52,100 swing high to $45,515 low. The next major resistance on the upside is near the $48,800 level.

It is near the 50% Fib retracement level of the downward move from the $52,100 swing high to $45,515 low. An immediate support on the downside is near the $46,000 level.

The next key support is near the $45,555 level. If the price fails to stay above $45,555, it could extend losses in the near term. The next major support sits near $44,500, below which there is a risk of a move towards the $43,200 level.

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading below $48,000 and the 55 simple moving average (4-hours). Overall, the price could decline heavily if there is a clear move below the $45,555 support zone.

Technical Indicators

4 hours MACD – The MACD is now gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Key Support Levels – $46,000 and $45,550.

Key Resistance Levels – $47,000, $48,000 and $48,800.

Tags: bitcoin, BTC