Bitcoin Price Faces Rejection
The price of Bitcoin attempted to increase above $46,800 and $47,200 but faced rejection. It did manage to surpass the $48,000 resistance and briefly reached $49,000, forming a new multi-week high. However, the price quickly retreated and dropped below the $47,500 and $47,000 levels. It even tested the $45,500 support zone before finding a low near $45,619. Currently, Bitcoin is consolidating its losses and trading above $45,500 along with the 100 hourly Simple Moving Average (SMA). There is a key bullish trend line forming with support near $45,900 on the BTC/USD hourly chart.
More Losses In BTC?
If Bitcoin fails to rise above the $47,300 resistance zone, it could potentially start a fresh decline. The immediate support on the downside is around $45,900 along with the trend line. The next major support level is at $45,500. If the price drops below this level, it may gain bearish momentum and head towards the $44,450 support in the near future.
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Technical Indicators
The hourly MACD for BTC/USD is currently losing pace in the bullish zone. The Relative Strength Index (RSI) for BTC/USD has fallen below the 50 level.
Hot Take: Bitcoin Price Consolidates After Rejection Near $49K
The price of Bitcoin faced rejection near the $49,000 level after attempting to increase further. It has since corrected its gains and is currently consolidating above the $45,500 support zone. If it fails to surpass the resistance levels at $47,300 and $48,200, there could be more losses in the near term. On the other hand, a clear move above these resistance levels could lead to a further increase towards the $49,000 and $50,000 levels.
