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Bitcoin Fails To Break Critical Resistance As It Currently Trades Below $48,000

Bitcoin bulls might be currently easing their buying pressure as the asset fails to break a critical resistance, which would have surged it towards the $50,000 price range. Charts show that selling pressure is intensifying, with traders selling at an alarming rate, but the price still stabilizes within the $47,000 price mark.

Some sources suspect that BTC will face a long-term price correction for its continuous price rise since late December. Based on data, the asset could be seeing a slight correction due to rapid price gain, which many experienced investors understand with volatile assets like crypto. Similarly, heavier institutional investments could give the asset the ability to push past its current resistance stopping a higher surge.

Bitcoin faces price correction

Charts show that the asset has been correcting for the past few days as sell-offs continue to secure profits before the correction takes away significant gains quickly. The price moved from %48,000 to around $46,000 before returning to its current $47,599 price point. The asset has some critical resistance points around $54,000, $56,000 and $58,000.

On the other hand, its support holds around $42,000, $40,000, and $38,000. Bitcoin current trades beneath the channel’s upper boundary, signaling some possible price drops in the nearest future. Traders should understand that the consolidation face is soon, meaning that the asset would face a significant price drop before moving towards higher grounds.

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The traders are the most significant factor to determine the asset’s next move. If the market participants can close the digital asset’s price within the $47,000 range by the day’s end, this would help the asset retake its $48,000 price point. If the price closes below the range, investors should be ready to witness a price drop.

The technical indicators explain that traders might suspect that the asset would lose its $45,000 support and thereby hit its critical support levels within $42,000 and below. The asset’s value within the $47,000 range would ensure it stays above the 9-day and 21-day MA.

Possible future for Bitcoin

If the asset succeeds and crosses above the upper boundaries, this would likely take the price higher. The asset would take the $50,000 mark and move above. Other technical indicators like the RSI(14) show that the market would likely face a drawback, sending the price to the $42,000 mark.

Unfortunately, Bitcoin is currently moving south in the 4-hour chart, necessitating its fall from the $48,000 range to the current $47,600 price levels. Investors can change the game if they would pump the price by purchasing more BTCS. This present market structure would assure institutional investors more gains if they plan to drive market prices off the charts.

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The buyers would likely take Bitcoin to the $52,000 price mark, while increased bear activities could leave It hanging around the $45,000 support. If the support rejects the price, then the crypto could face a critical price crash, which would return it to the $30,000 price ranges. Fortunately, asset buyers seem ready to move the mark towards greater highs.


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Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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