Bitcoin is struggling to recover above the $48,000 resistance against the US Dollar. BTC could decline heavily if there is a clear break below $46,000.
- Bitcoin started a consolidation phase below the $48,500 and $48,000 resistance levels.
- The price is trading below $48,000 and the 100 hourly simple moving average.
- There is a connecting bearish trend line forming with resistance near $47,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair remains at a risk of a larger decline unless it surges above the $48,000 barrier.
Bitcoin Price Remains At Risk
Bitcoin price failed to recover above $48,500 and started another decline. BTC traded below the $48,000 and $47,500 levels to move into a bearish zone.
The decline gained pace below the $47,000 level and the 100 hourly simple moving average. A low was formed near $45,530 before the price started an upside correction. Bitcoin was able to recover above the $46,500 and $47,000 levels.
Source:A clear move above the $48,000 resistance zone could start a fresh increase. The next major resistance is near the $48,500 level. Any more gains could send the price towards the $50,000 level in the near term.