Why BTC Bears Stay Under Control Below $ 50,000

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Bitcoin extended the decline below the $ 47,000 support zone against the US dollar. BTC could correct to the downside, but bears could remain active near $ 48,000.

Bitcoin fell further below the support levels of $ 48,000 and $ 47,000. The price is now trading well below $ 48,000 and the 100 hour simple moving average. Earlier there had been a break below a major bullish channel with support near $ 49,400 on the hourly chart of the BTC / USD pair (Kraken data feed). The pair is correcting losses, but there are a lot of upside obstacles near $ 48,000. Bitcoin Price Breaking Key Holder

The price of Bitcoin did not stay above the $ 50,000 support zone. As a result, there was a strong bearish reaction and BTC settled below the pivot level of $ 50,000.

There was a break below a major bullish channel with support near $ 49,400 on the hourly chart for the BTC / USD pair. The pair even broke through the support level of $ 47,000 and settled well below the 100 hour simple moving average.

A low has formed near $ 45,759 and price is now correcting losses. The price of Bitcoin is now trading near the 23.6% Fib retracement level of the downward movement from the high of $ 50,788 to $ 45,759. Immediate upside resistance is near the $ 47,400 level.

Source: BTCUSD on TradingView.com

The first major resistance is near the $ 48,250 level. It is near the 50% Fib retracement level of the downward movement, moving from the high of $ 50,788 to the low of $ 45,759. A suitable breakout above the resistance of $ 48,250 could open the door to further advantages. The next key resistance is near the $ 50,000 level, above which the price may eventually gain momentum.

More losses in BTC?

If bitcoin fails to break through the resistance zone of $ 48,250, it could continue to fall. Immediate downside support is near the $ 46,500 level.

First major support is now forming near the $ 46,000 level. Perhaps a break down below the $ 46,000 support could push the price towards the $ 45,500 support. Further losses could drive the price towards the support area of ​​$ 45,000 in the near term.

Technical indicators:

Hourly MACD – The MACD is slowly losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently well below the 50 level.

Major Support Levels – $ 46,250, followed by $ 46,000.

Major Resistance Levels – $ 47,400, $ 48,000 and $ 48,250.

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