Bitcoin extended decline below the $47,500 support zone against the US Dollar. BTC could recover, but upsides might be limited above $47,500.
- Bitcoin started a fresh decline below the $48,500 and $47,500 support levels.
- The price is trading below $48,000 and the 100 hourly simple moving average.
- There is a key declining channel forming with resistance near $47,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct higher, but upsides might be limited above $48,000 in the near term.
Bitcoin Price Extends Decline
Bitcoin price failed to recover above $48,800 and started another decline. BTC traded below the $48,500 and $47,500 levels to move further into a bearish zone.
The decline gained pace below the $47,000 level. A low is formed near $46,120 and the price is now consolidating losses. Bitcoin is trading below $48,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $46,600 level.
Source:A clear move above the $47,500 resistance zone could start a fresh increase. The next major resistance is near the $48,500 level, where the bears might emerge. Any more gains could send the price towards the $50,000 level.