Yet again, Bitcoin price failed to surpass $49,200 and dipped to $45,500. Currently, BTC is trying to recover and remain above the $44,500 support level. In case Bitcoin manages to surpass $46,500, there could be short-term growth. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin lost the $48,000, $47,200 and $46,500 support levels.
- Currently, the price is around $46,500 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, we can see BTC retesting the $46,500 resistance level.
- In case the price moves above $46,500, we can expect short-term growth.
Bitcoin Price Action Analysis
Following some ranging action above $48,500, BTC gave it another shot to escape from the top. Following that, the price went above $49,20 and the highest recorded price is at $49,443. However, the $49,500 did not allow BTC to go any further and turned the trend downward. With that, BTC lost the $48,000, $47,200 and $46,500 support levels. At some point, the price dipped below $46,000 and the lowest recorded price is at $45,455.
By reaching this point, the price began recovery once again. Bitcoin managed to surpass the $46,500 resistance level and is now trying to stabilize at this level. As of now, the price stands at $$6,500 and the 1-hour candles are below the SMA100. Right now, the price has penetrated the 23.6% Fibonacci retracement level from the latest fall from $49,443 to $45,455. It is crucial for BTC to climb back up to the SMA100 to prevent further decline.
The first resistance level is at $46,500 followed by $47,250. For the bullish scenario, the 50% Fibonacci retracement level at $47,500 and the SMA100 will be the next levels to beat. In case of stabilizing above these levels, the chances of plunge will decrease. Further growth can bring the price closer to $48,000. The next resistance levels will be $48,500 and $49,000.
On the other hand, if Bitcoin price fails to surpass the $46,500 or $47,250, there would be a new downtrend. In which case, the $46,000 is the first support level followed by $45,650. Further decline can bring the price down to $46,500 and $46,050. The next support levels will be $44,300 and $44,000.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward movement.
RSI: the 1-hour relative strength index is currently 46.
Resistance levels: Right now, the $47,500 and the SMA100 are currently the crucial support levels for BTC.
Support levels: The $45,650 and $45,500 are currently the crucial support levels for the price.
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