Yesterday, Bitcoin price had a brutal 15% decline and touched $42,000. Currently BTC is recovering but there is a chance sellers take control around the $48,500 and $49,000 resistance levels. Here is a summary of Bitcoin price in the past 24 hours:
- Bitcoin price broke through the crucial $50,000 and $48,000 support levels in a bear run.
- Currently, BTC is under $50k and the 1-hour candles are below the SMA100
- For the 1-hour chart, the support level for a crucial upward trend has failed to hold the price.
- Bitcoin price is recovering but the sellers might take back control around $48,500 and $50,000.
Bitcoin Price Action Analysis
BTC failed to surpass the $53,000 and experienced a sharp downward trend. The price dipped below the important $52,000 resistance level and the SMA100.
Looking at the 1-hour chart, the support level for a notable upward trend has failed to hold the price. The dramatic decline pushed the price below the $48,500 support level. Finally, a spike from the $45,000 support level kept the price above this point.
The lowest recorded Bitcoin price in the past few hours has been $42,000 and the recovery started soon after. BTC climbed back above $45,000 and the 24.6% Fibonacci retracement was surpassed.
In case the recovery continues, the first resistance level will be around $47,500 near the 50% Fibonacci. The next crucial level is at $48,500. If BTC successfully closes above $48,500, a short-term pump is likely to occur to reach $50k once again.
On the other hand, if Bitcoin fails to surpass $48,500, there will be a new downward trend. Then, the $46,500 will be the first support level for the price.
Following that, the crucial $46,000 will support the price. If this level fails to support, the decline will gain momentum and the price might reach $43,500.
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 above below 50.
Resistance levels: Respectively, the $47,500, $48,500 and $50,000 are crucial resistance levels.
Support levels: the $46,500 and $46,000 are important support levels that will cause further decline if they are broken. If you are looking to exchange your Bitcoin into Webmoney, Perfect money or PayPal, or Purchase Bitcoin with Perfect Money USD, hi.exchange provides excellent exchange services. with 24/7 customer support and the best exchange rates at any moment, our team of professionals will guarantee our customers with a secure, easy and smooth exchange experience. And to stay up to date with our latest opinion articles, technical analysis and news, stay right here.