Bitcoin has struggled to gain traction above $47,000 the US dollar, BTC began a new decline, dropped to the $45,000 support level, and reacted negatively after forming a short-term top near $47,000. The price is currently trading below $46,000 and the 100 hourly simple moving average.
On the hourly chart of the BTC/USD pair, a key bearish trend line is forming with resistance near $46,600. To avoid further declines in the near term, the pair must remain above the $45,000 support level.
Bitcoin price made another attempt to break through the $47,000 resistance level. On the other hand, BTC failed to continue higher above $47,000 and reacted to the downside.
There was a downside break below the $46,000 support level and the 100 hourly simple moving average. The price fell below the $45,500 support level, entering a short-term bearish zone. On the other hand, the bulls are now defending the $45,000 support zone.
The price has formed a low near $45,048 and is now consolidating. On the upside, an immediate resistance level is near $45,450. It is close to the 23.6 percent Fib retracement level of the recent decline from the swing high of $46,845 to the low of $45,048.
The next level of resistance could be around $45,800 or $45,900. The 50% Fib retracement level of the recent decline from the $46,845 swing high to the $45,048 low is also near $49,950.
On the hourly chart of the BTC/USD pair, a key bearish trend line is forming with resistance near $46,600. To gain bullish momentum in the short term, Bitcoin must break through the $46,000 and $46,600 resistance levels.
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If Bitcoin fails to break through the $46,000 resistance level, it may continue to fall. On the downside, there is immediate support near $45,200.
The next significant support is seen near $45,000. A break below the $45,000 support level could signal the start of a major decline. In the stated case, the price could fall as low as $44,360 in the near future. The next significant financial assistance could be $44,000. Good luck!