Bitcoin attempted a bullish breakout above $47,500 against the US Dollar. BTC failed to gain traction and corrected lower below $46,500.

Bitcoin is showing bearish signs and struggling below the $47,000 pivot level. The price is trading below $46,500 and the 100 hourly simple moving average. There was a break below a major breakout pattern with support near $46,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend the decline and test the $45,000 support zone in the near term.

Bitcoin Price Struggles Below $47K

Bitcoin price started a decent rise from the $44,500 support zone. BTC broke through the $45,000 and $45,500 resistance levels.

It even broke above the $46,500 level and the 100 hourly simple moving average. However, the bears were active below the $47,500 resistance zone. A high was formed near $47,444 and the price started a new decline.

There was a clear move below the $46,500 support and the 100 hourly simple moving average. Price dipped below the 23.6% Fibonacci retracement level of the ascending wave from the $44.257 low $47.444 high. Furthermore, there was a break below a major breakout pattern with support near $46,400 on the hourly chart of the BTC/USD pair.

Bitcoin price is now testing the 50% Fibonacci retracement level of the upward wave from the $44,257 low $47,444 high. An immediate support on the downside is near the $45,850 level.

Source: BTCUSD on TradingView.com

The next big support is seen near the $45,500 level. Major support now lies near the $45,000 level. A downside break below the $45,000 support zone could increase selling pressure in the near term. In the indicated case, the price could even drop below $44,250.

Limited advantages in BTC?

If bitcoin breaks out above the $45,000 support level, it could try a further rise. An immediate resistance on the upside is near the $46,250 level and the 100 hourly SMA.

The next major resistance is near the $46,750 level. The key hurdle is now forming near the $47,500 level, above which the price could rise steadily. In the indicated case, it could test the resistance zone of $48,500.

Technical indicators:

Hourly MACD – The MACD is slowly picking up pace in the bearish zone.

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

Major Support Levels: $45,250, followed by $45,000.

Major Resistance Levels – $46,250, $46,850 and $47,500.



This post Bitcoin faces obstacles, why $45K is the key

was published first on https://www.newsbtc.com/analysis/btc/bitcoin-faces-hurdles-47k/

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