Bitcoin price corrected gains and moved above $45,000 against the US Dollar. BTC is now struggling to surpass $47,000 and it could start another decline.
Bitcoin is facing a major resistance near $47,500 and $48,000 levels.
The price is now trading well below $48,000 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh decline as long as it is trading below the $48,000 pivot level.
Bitcoin price declined heavily towards $42,000 before it started a recovery. BTC was able to recover above the $43,500 and $45,000 resistance levels.
The price even climbed above the 23.6% Fib retracement level of the main decline from the $52,800 swing high to $42,000 swing low. The bulls even pushed the price above the $46,000 level. However, they faced sellers near the $47,450 level.
It seems like the 50% Fib retracement level of the main decline from the $52,800 swing high to $42,000 swing low acted as a resistance. There is also a key bearish trend line forming with resistance near $47,000 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. An immediate resistance on the upside is near the $47,000 level. The first major resistance is near the $47,500 level. A close above the $47,500 level could start a decent increase in the near term. The next major hurdle for the bulls could be near the $48,500 zone.