Bitcoin price is trying to regain the $48,000 level. In case of losing the $46,000 support level, BTC could face a rapid plunge. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin is still consolidating below the $48,500 and $48,000 resistance levels
- Currently, the price is below $48,000 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, we can see a downtrend forming with resistance level at $47,600.
- As long as BTC remains below $48,000, there could be a short-term decline.
Bitcoin Price Action Analysis
Bitcoin price failed to surpass the $48,500 and pivoted downwards. Following that, it lost the $48,000 and $47,500 and even the $47,000 near the SMA100. The lowest recorded price in the past few hours is at $45,530 which is followed by an upward crawl for recovery. With that, BTC managed to regain $46,500 and $47,000.
The price penetrated the 50% Fibonacci retracement level from the latest fall from $48,591 to $45,530. However, it failed to break through the $48,000. Furthermore, the $47,600 is yet another crucial resistance level for BTC in the 1-hour chart. This level is near the 76.4% Fibonacci retracement level.
The first resistance level for Bitcoin is at $48,000. Breaking through this level would cause a bull run in short-term. The next resistance level will be $48,500 which will act as a gateway to reach $50,000 once again.
On the other hand, if Bitcoin price loses the $46,100 support level, the price could quickly approach $45,500 and $45,000. The next stop in the bear run would be at $43,200.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward movement.
RSI: the 1-hour relative strength index is currently below 50.
Resistance levels: Right now, the $47,500, $48,000 and $48,500 are currently the crucial support levels for BTC.
Support levels: The $46,100 and $45,500 are currently the crucial support levels for the price.
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