Bitcoin’s price began to fall steadily below the $48,000 support level. The bears were active near $47,200, whereas the bulls were active near $47,500.
Near $47,165, a bottom was formed, and the price began to rise again. It smashed through resistance levels of $48,000 and $48,500. The negative move from the $50,520 swing high to the $47,165 low was broken over the 50 percent Fib retracement line.
On the hourly chart of the BTC/USD pair, there was also a break over a crucial negative trend line with resistance near $48,850. The pair even went as far as to attempt the $49,200 resistance level.
The price of bitcoin is currently hovering around $48,800, or the 100 hourly simple moving average. Near the $49,200 mark, the first substantial resistance exists. The 61.8 percent Fib retracement level of the bearish move from the $50,520 swing high to the $47,165 low is nearby.
If bitcoin fails to climb above the $49,200 resistance, it could start a fresh increase. On the downside, an immediate support is near the $48,500 level.
The first key support is near the $48,000 level. If there is a downside break below the $48,000 level, the price could continue to move down. The next major support is near the $47,200 level. Any more losses could open the doors for a move towards the $46,500 support zone in the near term.