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Bitcoin Price Analysis: BTC Nosedives Below $48K

Summary:
Bitcoin price failed to stay above ,000 and declined heavily against the US Dollar. The price is now trading below ,000 and the 55 simple moving average (4-hours). There was a break below a major bullish trend line with support near ,200 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair must stay above the ,500 support level to recover higher in the near term. Bitcoin price is showing bearish signs below ,000 against the US Dollar. BTC could decline heavily if it fails to stay above ,500 and ,000. Bitcoin Price Analysis Bitcoin price cleared the ,000 resistance level and it even climbed above ,000. However, BTC failed to stay above the ,500 pivot level. A high was formed near ,944 before the price started a

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  • Bitcoin price failed to stay above $52,000 and declined heavily against the US Dollar.
  • The price is now trading below $48,000 and the 55 simple moving average (4-hours).
  • There was a break below a major bullish trend line with support near $51,200 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 recover higher in the near term.

Bitcoin price is showing bearish signs below $48,000 against the US Dollar. BTC could decline heavily if it fails to stay above $46,500 and $45,000.

Bitcoin Price Analysis

Bitcoin price cleared the $50,000 resistance level and it even climbed above $52,000. However, BTC failed to stay above the $52,500 pivot level. A high was formed near $52,944 before the price started a fresh decline.

There was a break below the $50,000 and $48,800 support levels. The price even traded below the $45,000 support level and the 55 simple moving average (4-hours). There was also a break below a major bullish trend line with support near $51,200 on the 4-hours chart of the BTC/USD pair.

It tested the key $43,000 support zone. A low is formed near $42,830 and the price is currently correcting losses. There was a break above the $45,500 resistance zone. The price climbed above the 23.6% Fib retracement level of the recent decline from the $52,944 swing high to $42,830 low.

It is still well below $48,000 and the 55 simple moving average (4-hours). On the upside, an initial resistance is near the $47,850 level. It is near the 50% Fib retracement level of the recent decline from the $52,944 swing high to $42,830 low.

The first major resistance is near the $48,900 level and the 55 simple moving average (4-hours). A close above the $49,000 zone is needed for a fresh increase. In the stated case, the price is likely to rise steadily towards the $52,000 level.

An immediate support is near the $46,800 level. The first key support is near the $46,500 level. Any more losses could open the doors for a move towards the $43,000 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 bullish zone.

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

Key Support Levels – $46,500 and $43,000.

Key Resistance Levels – $48,800, $49,000 and $50,000.

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