Bitcoin Turns Red: Why BTC Bears Remain In Control Below $50K
Bitcoin extended decline below the $47,000 support zone against the US Dollar. BTC could correct lower, but the bears might remain active near $48,000.
Bitcoin declined further below the $48,000 and $47,000 support levels.
The price is now trading well below $48,000 and the 100 hourly simple moving average.
Earlier, there was a break below a major rising channel with support near $49,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is correcting losses, but there are a lot of hurdles on the upside near $48,000.
Bitcoin price failed to stay above the $50,000 support zone. As a result, there was a sharp bearish reaction and BTC settled below the $50,000 pivot level.
There was a break below a major rising channel with support near $49,400 on the hourly chart of the BTC/USD pair. The pair even broke the $47,000 support level and settled well below the 100 hourly simple moving average.
A low was formed near $45,759 and the price is now correcting losses. Bitcoin price is now trading near the 23.6% Fib retracement level of the downward move from the $50,788 swing high to $45,759 low. An immediate resistance on the upside is near the $47,400 level. The first major resistance is near the $48,250 level. It is near the 50% Fib retracement level of the downward move from the $50,788 swing high to $45,759 low.