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Bitcoin Price Analysis: BTC Struggles Below $48K

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  • Bitcoin price failed to gain pace above the $49,000 resistance against the US Dollar.
  • The price is now trading below $48,000 and the 55 simple moving average (4-hours).
  • There are two bearish trend lines forming with resistance near $48,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair must stay above the $46,500 support level to continue higher in the near term.

Bitcoin price is struggling to climb above $48,000 against the US Dollar. BTC could decline heavily if it fails to stay above $46,500.

Bitcoin Price Analysis

Bitcoin price made another attempt to clear the $50,000 resistance level. BTC even broke the $49,000 resistance level, but it failed to gain pace above $49,500.

A high was formed near $49,675 before the price started a downside correction. There was a break below the $49,000 and $48,500 levels. The price even traded below the $48,000 support level and the 55 simple moving average (4-hours).

It tested the key $46,500 support zone. A low is formed near $46,517 and the price is currently consolidating losses. It is well below $48,000 and the 55 simple moving average (4-hours).

On the upside, an initial resistance is near the $47,250 level. It is near the 23.6% Fib retracement level of the recent decline from the $49,675 swing high to $46,517 low. The first major resistance is near the $48,000 level and the 55 simple moving average (4-hours).

The main resistance is now forming near the $48,200 level. There are also two bearish trend lines forming with resistance near $48,000 on the 4-hours chart of the BTC/USD pair.

The 50% Fib retracement level of the recent decline from the $49,675 swing high to $46,517 low sits near $48,100. A close above the $48,200 zone is needed for a fresh increase. In the stated case, the price is likely to rise steadily towards the $50,000 level.

An immediate support is near the $46,700 level. The first key support is near the $46,500 level. Any more losses could open the doors for a move towards the $44,000 support zone.

Bitcoin Price
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 must stay above the $46,500 support level to continue higher in the near term.

Technical indicators

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

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

Key Support Levels – $46,500 and $44,000.

Key Resistance Levels – $47,250, $48,00 and $48,200.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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