Bitcoin price failed to settle above $48,500 and corrected lower against the US Dollar. BTC is now facing many hurdles near $47,500 and $48,000. Bitcoin extended its decline and tested the $46,500 support zone. The price is now trading below $48,500 and the 100 hourly simple moving average. There is a connecting bearish trend line forming with resistance near $48,550 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend its decline unless it clears the $48,500 level and the 100 hourly SMA. Bitcoin Price Slides Again Bitcoin price made an attempt to surpass the $49,000 resistance zone. However, BTC failed to gain strength above the $49,200 level. A high was formed near $49,335 before the price started a fresh decline. There was a sharp decline below the $48,500 support level and the 100 hourly simple moving average. The price even broke the $47,500 and $47,000 levels. It tested the $46,500 support and a low is formed near the $46,493. It is now consolidating losses above the $46,500 level. Bitcoin recovered above the 23.6% Fib retracement level of the recent decline from the $49,335 swing high to $46,493 low. It is now facing resistance near the $47,500 level. Source: BTCUSD on TradingView.com The first major resistance is near the $48,000 level. It is close to the 50% Fib retracement level of the recent decline from the $49,335 swing high to $46,493 low. There is also a connecting bearish trend...
