{"id":35022,"date":"2024-01-12T03:52:48","date_gmt":"2024-01-12T07:52:48","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=35022"},"modified":"2024-01-12T03:52:48","modified_gmt":"2024-01-12T07:52:48","slug":"bitcoin-price-struggles-below-48k-why-btc-could-correct-lower","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/12\/bitcoin-price-struggles-below-48k-why-btc-could-correct-lower\/","title":{"rendered":"Bitcoin Price Struggles Below $48K, Why BTC Could Correct Lower"},"content":{"rendered":"

Bitcoin price started another increase above the $46,500 resistance. BTC cleared the $47,800 resistance and spiked toward $48,000 before the bears appeared.<\/em><\/p>\n

Bitcoin topped near the $49,000 level and corrected gains.
\nThe price is trading above $45,500 and the 100 hourly Simple moving average.
\nThere is a key bullish trend line forming with support near $45,900 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh decline if there is a move below the $45,600 support zone.<\/p>\n

Bitcoin Price Faces Rejection<\/h2>\n

Bitcoin price attempted a fresh increase<\/a> above the $46,800 and $47,200 levels. BTC even cleared the $48,000 resistance and spiked toward $49,000. A new multi-week high was formed near $49,000 before the price trimmed all gains.<\/p>\n

There was a sharp move below the $47,500 and $47,000 levels. The price even retested the $45,500 support zone. A low was formed near $45,619 and the price is now consolidating losses.<\/p>\n

Bitcoin is trading above $45,500 and the 100 hourly Simple moving average<\/a>. There is also a key bullish trend line forming with support near $45,900 on the hourly chart of the BTC\/USD pair. On the upside, immediate resistance is near the $46,400 level and the 23.6% Fib retracement level of the downward move from the $49,000 swing high to the $45,619 low.<\/p>\n

The first major resistance is $47,300 or the 50% Fib retracement level of the downward move from the $49,000 swing high to the $45,619 low. A clear move above the $47,300 resistance could send the price toward the $48,200 resistance.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The next resistance is now forming near the $49,000 level. A close above the $49,000 level could send the price further higher. The next major resistance sits at $50,000.<\/p>\n

More Losses In BTC?<\/h2>\n

If Bitcoin fails to rise above the $47,300 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $45,900 level and the trend line.<\/p>\n

The next major support is $45,500. If there is a move below $45,500, the price could gain bearish momentum. In the stated case, the price could drop toward the $44,450 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $45,900, followed by $45,500.<\/p>\n

Major Resistance Levels \u2013 $47,300, $48,200, and $49,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price started another increase above the $46,500 resistance. BTC cleared the $47,800 resistance and spiked toward $48,000 before the bears appeared.<\/em><\/p>\n

Bitcoin topped near the $49,000 level and corrected gains.
\nThe price is trading above $45,500 and the 100 hourly Simple moving average.
\nThere is a key bullish trend line forming with support near $45,900 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a fresh decline if there is a move below the $45,600 support zone.<\/p>\n

Bitcoin Price Faces Rejection<\/h2>\n

Bitcoin price attempted a fresh increase<\/a> above the $46,800 and $47,200 levels. BTC even cleared the $48,000 resistance and spiked toward $49,000. A new multi-week high was formed near $49,000 before the price trimmed all gains.<\/p>\n

There was a sharp move below the $47,500 and $47,000 levels. The price even retested the $45,500 support zone. A low was formed near $45,619 and the price is now consolidating losses.<\/p>\n

Bitcoin is trading above $45,500 and the 100 hourly Simple moving average<\/a>. There is also a key bullish trend line forming with support near $45,900 on the hourly chart of the BTC\/USD pair. On the upside, immediate resistance is near the $46,400 level and the 23.6% Fib retracement level of the downward move from the $49,000 swing high to the $45,619 low.<\/p>\n

The first major resistance is $47,300 or the 50% Fib retracement level of the downward move from the $49,000 swing high to the $45,619 low. A clear move above the $47,300 resistance could send the price toward the $48,200 resistance.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The next resistance is now forming near the $49,000 level. A close above the $49,000 level could send the price further higher. The next major resistance sits at $50,000.<\/p>\n

More Losses In BTC?<\/h2>\n

If Bitcoin fails to rise above the $47,300 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $45,900 level and the trend line.<\/p>\n

The next major support is $45,500. If there is a move below $45,500, the price could gain bearish momentum. In the stated case, the price could drop toward the $44,450 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $45,900, followed by $45,500.<\/p>\n

Major Resistance Levels \u2013 $47,300, $48,200, and $49,000.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-35022","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35022","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=35022"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35022\/revisions"}],"predecessor-version":[{"id":35030,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35022\/revisions\/35030"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35022"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35022"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35022"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}