TA: Bitcoin Faces Hurdles, Why $45K Is The Key
Bitcoin attempted an upside break above $47,500 against the US Dollar. BTC failed to gain traction and corrected lower below $46,500. Bitcoin is showing bearish signs and struggling below the $47,000 pivot level. The price is trading below $46,500 and the 100 hourly simple moving average. There was a break below a major breakout pattern with support near $46,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend decline and test the $45,000 support zone in the near term. Bitcoin Price Struggles Below $47K Bitcoin price started a decent increase from the $44,500 support zone. BTC climbed above the $45,000 and $45,500 resistance levels. It even climbed above the $46,500 level and the 100 hourly simple moving average. However, the bears were active below the $47,500 resistance zone. A high was formed near $47,444 and the price started a fresh decline. There was a clear move below the $46,500 support and the 100 hourly simple moving average. The