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Home»EXCHANGE NEWS»Bitcoin Price Struggling Below $48,000, Why BTC Could Fix Lower Price
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Bitcoin Price Struggling Below $48,000, Why BTC Could Fix Lower Price

By Crypto FlexsJanuary 12, 20243 Mins Read
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Bitcoin Price Struggling Below ,000, Why BTC Could Fix Lower Price
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Bitcoin price began another rise above the $46,500 resistance level. BTC cleared the $47,800 resistance and surged to $48,000 before a downtrend took place.

  • Bitcoin peaked near $49,000 and corrected its upward trend.
  • The price is trading above $45,500 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bullish trend line forming with support near $45,900.
  • A break below the $45,600 support could start a new downtrend for the currency pair.

Bitcoin price faces rejection

Bitcoin price attempted a new rise above the $46,800 and $47,200 levels. BTC cleared the $48,000 resistance level and surged to $49,000. A new multi-week high was formed near $49,000 before the price pared all gains.

There was a sharp move below the $47,500 and $47,000 levels. The price even retested the $45,500 support area. A low was formed near $45,619 and the price is currently consolidating losses.

Bitcoin is trading above $45,500 and the 100-hour simple moving average. The hourly chart of the BTC/USD pair also has a major bullish trend line forming with support near $45,900. On the upside, immediate resistance is near the $46,400 level and the 23.6% Fib retracement level of the downward move from the $49,000 swing high to the $45,619 low.

The first major resistance is the 50% Fib retracement level at $47,300 or a downward move from the $49,000 swing high to the $45,619 low. A clear break above the $47,300 resistance level could lead the price to move towards the $48,200 resistance level.

Source: TradingView.com BTCUSD

The next resistance is currently forming near $49,000. The price could go higher once it passes the $49,000 level. The next major resistance level is $50,000.

Will there be more losses in BTC?

If Bitcoin fails to rise above the $47,300 resistance zone, it could begin a new downtrend. Immediate support for the downside is near the $45,900 level and trend line.

The next major support is $45,500. A break below $45,500 could see the price gain bearish momentum. If indicated, the price may decline towards the $44,450 support level in the near future.

Technical indicators:

Hourly MACD – MACD is now losing speed in bullish territory.

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

Key support levels – $45,900, then $45,500.

Key resistance levels – $47,300, $48,200 and $49,000.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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