Bitcoin (BTC) price tried to break above the strong resistance level at US$48,500 and went up to US$48,750. However, it failed to maintain the upward momentum and started a fresh decline. The price made a clear break below the US$48,000 level as well as 100 hourly SMA (simple moving average).
In fact, on the hourly chart, a declining price trend line with support near the US$48,000 level was also broken by the falling price. Near the US$48,323 level, the last swing high was formed. However, the price kept on declining and fell below the US$47,500 level.
The price of BTC has kept on declining breaking below the $47,200 level, which is 23.6% Fibonacci retracement level of the recent swing from the high at US$48,323 level to a low at US$46,827.
The strong support zones near the US$46,800 and US$46,280 levels have also been broken. This has triggered a nasty decline towards the US$45,000 level. At press time, the price of BTC against the US Dollar (BTC/USD) is hovering around US$44,955.99. Just a few minutes back, it touched an intraday low at US$44,659.16. The largest cryptocurrency has dropped more than US$4,000 in the last 24-hours.
If bitcoin fails to clear the $48,000 resistance zone, it could extend its decline. Immediate support on the downside is near the $46,800 level. The next major support is near the $46,280 zone. A downside break below the $46,200 zone has triggered a nasty decline towards the $45,000 level or even $43,800.
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