Bitcoin price attempted to surpass $47,500 but failed and subsequently lost the $46,500 support level. Here is a summary of Bitcoin price in the past 24 hours:
- Bitcoin is hovering below the pivot point of $47,000 and is signaling bearish signs.
- Currently, the price is below $46,500 and the 1-hour candles are below the SMA100.
- On the 1-hour chart, we have a breakout pattern with support level at $46,400.
- It is likely for BTC to continue the decline in the short-term and touch the $45,000 support level.
Bitcoin Price Action Analysis
BTC had a strong bull run starting from $44,500 and subsequently surpassed the $45,000 and $45,500. At some point, the price moved above the SMA100 but the immense selling pressure halted the rally at $47,500. The highest recorded price for BTC is at $47,444 before the correction happened. Following that, BTC lost the $46,500 support and dipped below the SMA100. With that, the price fell below the 23.6% Fibonacci retracement level from the latest rise from $44,257 to $47,444. Furthermore, BTC has also lost a crucial support level of the breakout pattern on the 1-hour chart.
Currently, the price is below $46,500 and the 1-hour candles are below the SMA100. At this point, Bitcoin is right on the 50% Fibonacci retracement level as $45,850 is the first support level. After that, the $45,500 followed by the primary support level at $45,000 will stand on the way. Dipping below $45,000 would increase the selling pressure and could push Bitcoin price all the way down to $44,250.
On the other hand, if Bitcoin price manages to remain above $45,000, it could form a new rally. In that case, BTC will face $46,250 as the first resistance level followed closely by the SMA100. The next resistance level is at $46,750 followed by 47,500. In case of a successful breakthrough from this level, the bull run will gain momentum. In which case, BTC could finally attempt to surpass $48,500.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward momentum.
RSI: the 1-hour relative strength index is currently below 50.
Resistance levels: Right now, the $46,250, $46,850 and $47,500 are the crucial resistance levels for BTC.
Support levels: The $45,250 and $45,000 are currently the key support levels for the price.
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