Bitcoin price failed once again to clear the $48,500 resistance zone against the US Dollar. BTC is declining and it could even decline below the $46,200 support zone.
- Bitcoin started a fresh decline after it failed to surpass the $48,500 resistance zone.
- The price is still trading below $47,500 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $48,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue lower if it fails to stay above the $46,800 support zone.
Bitcoin Price Is Facing Hurdles
Bitcoin price made another attempt to clear the $48,500 resistance level. BTC spiked above the $48,500 resistance, but it failed to continue higher. A high was formed near $48,750 and the price started a fresh decline.
There was a clear break below the $48,000 level and the 100 hourly simple moving average. The price broke a connecting bullish trend line with support near $48,000 on the hourly chart. The last swing high was formed near $48,323 before the price declined below $47,500.
Source:The first major resistance sits near the $47,550 level. It is near the 50% Fib retracement level of the recent decline from the $48,323 high to $46,827 low. There is also a key bearish trend line forming with resistance near $48,100 on the hourly chart of the BTC/USD pair.