Bitcoin Consolidates Below $48K: What Could Trigger A Sharp Decline?
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 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.
The price climbed above the 50% Fib retracement level of the key decline from the $48,591 swing high to $45,530 low. However, the price failed to clear the $48,000 resistance zone.
Besides, there is a connecting bearish trend line forming with resistance near $47,600 on the hourly chart of the BTC/USD pair.