Bitcoin price failed to stay above the key $45,000 support zone against the US Dollar. BTC is showing a few bearish signs and it could correct lower to $40k.
- Bitcoin extended its decline below the $45,500 and $45,000 support levels.
- The price is now trading below $46,000 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $45,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could recover losses, but upsides might be limited above $45,500.
Bitcoin Price Dips Further
Bitcoin price started a fresh decline after it failed to clear the $48,000 resistance zone. BTC broke the $46,500 support zone to move into a short-term bearish zone.
It is consolidating above $45,500 for some time, but the bears finally took control. As a result, there was a push below the $45,000 support and the 100 hourly simple moving average. Bitcoin even spiked below $44,500 and traded as low as $44,258.
Source:The trend line coincides with the 50% Fib retracement level of the recent decline from the $47,203 swing high to $44,258 low. If bitcoin clears the $45,700 and $45,800 resistance levels, it could recover towards the $47,000 level in the near term.