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Saturday, February 17, 2024

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Bitcoin Holds Key Support, What Could Trigger Strong Recovery

Bitcoin is still well below the $48,000 resistance against the US Dollar. BTC remains at a risk of a sharp decline if it fails to stay above the $45,500 support zone.

Bitcoin is trading in a bearish zone below the $48,000 resistance level.
The price is trading below $47,000 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might start a strong recovery wave if it stays above the $45,500 support zone.

Bitcoin Price Eyes Recovery
Bitcoin price attempted a fresh increase above the $47,000 level. However, BTC failed to clear the $47,500 level and started a fresh decline.
There was a clear move below the $47,200 and $47,000 levels. The price even dived below the $46,000 support zone. Finally, the bulls defended the main $45,500 support zone. A low is formed near $45,548 and the price is now consolidating losses.
Bitcoin is trading below $47,000 and the 100 hourly simple moving average. It recovered a few points above the 23.6% Fib retracement level of the recent drop from the $47,500 swing high to $45,548 low.
An initial resistance is near the $46,500 level. It is near the 50% Fib retracement level of the recent drop from the $47,500 swing high to $45,548 low. The first major resistance on the upside is near the $47,000 level. There is also a major bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com
A clear move above the $47,000 resistance zone and the trend line could start a strong recovery. The next major resistance is near the $48,000 level.
More Losses In BTC?
If bitcoin fails to recover above $46,500, it could continue to move down. An immediate support is near the $46,000 zone. The first major support is near $45,500.
A downside break below the $45,500 level could push the price further lower. In the stated case, the price may possibly decline towards the $43,000 level in the coming sessions.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is near the 50 level.
Major Support Levels – $46,000, followed by $45,500.
Major Resistance Levels – $46,500, $47,000 and $47,500.

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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