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Bitcoin Turns Sell on Rallies Towards $48K, Bears In Action

Bitcoin extended decline below the $47,500 support zone against the US Dollar. BTC could recover, but upsides might be limited above $47,500.

Bitcoin started a fresh decline below the $48,500 and $47,500 support levels.
The price is trading below $48,000 and the 100 hourly simple moving average.
There is a key declining channel forming with resistance near $47,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct higher, but upsides might be limited above $48,000 in the near term.

Bitcoin Price Extends Decline
Bitcoin price failed to recover above $48,800 and started another decline. BTC traded below the $48,500 and $47,500 levels to move further into a bearish zone.
The decline gained pace below the $47,000 level. A low is formed near $46,120 and the price is now consolidating losses. Bitcoin is trading below $48,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $46,600 level.
It is near the 23.6% Fib retracement level of the recent drop from the $48,123 swing high to $46,120 low. The first major resistance is near the $47,200 level.
There is also a key declining channel forming with resistance near $47,150 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the recent drop from the $48,123 swing high to $46,120 low.

Source: BTCUSD on TradingView.com
A clear move above the $47,500 resistance zone could start a fresh increase. The next major resistance is near the $48,500 level, where the bears might emerge. Any more gains could send the price towards the $50,000 level.
More Losses In BTC?
If bitcoin fails to recover above $47,200, it could continue to move down. An immediate support is near the $46,200 zone. The first major support is near $46,000.
A downside break below the $46,000 level could push the price towards the $45,500 support. Any more losses may possibly lead the price towards the $45,000 support zone, below which there is a risk of a larger decline in the coming sessions.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 40 level.
Major Support Levels – $46,200, followed by $45,500.
Major Resistance Levels – $47,200, $47,500 and $48,500.

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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