Bitcoin price failed to surpass the $49,000 resistance against the US Dollar. BTC is sliding and it could even break the $46,500 support zone.
- Bitcoin is slowly moving lower from the $49,000 resistance zone.
- The price is now trading well below $48,000 and the 100 hourly simple moving average.
- There was a break below a key declining channel with support near $47,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could accelerate further lower if there is a break below the $46,500 support zone.
Bitcoin Price Breaks Support
Bitcoin price struggled to clear the $49,000 resistance zone and started a fresh decline. BTC traded below the $48,500 and $48,000 support levels to move into a short-term bearish zone.
There was also a break below a key declining channel with support near $47,500 on the hourly chart of the BTC/USD pair. The pair is now trading well below $48,000 and the 100 hourly simple moving average. It tested the $46,700 zone and it currently consolidating losses.
Source:The next key support is near the $46,500 zone. If there is a downside break below the $46,500 support zone, the price might continue to move down. The next major support is near the $46,200 level, below which the bears might even aim a test of $45,000.