Leading cryptocurrency Bitcoin (BTC) Again, it experienced unexpected price movement and suddenly retreated below the $ 48,000 support.
After losing this support, Bitcoin appears to have pulled back to the $ 46,800 region, but lost its fight here.
Especially since $ 46,800 is a level that has been tested before and has not fallen below, it was in a very critical position and BTC will not be safe unless it can break above $ 46,800, at least in the short term.
Critical points for Bitcoin
Bitcoin price losing the $ 46,800 level on the hourly chart means that the 23.6% Fibonacci level has also been lost.
At this point, the next support points for Bitcoin will be $ 45,200 and $ 44,000. Losing $ 44,000 spells a bad scenario for the leading cryptocurrency. After this level, the most important support is the band of 41,000 and 42,000 dollars.
On the other hand, for now, the hourly MACD indicator shows a bearish signal, indicating that the decline will strengthen. The hourly RSI for BTC / USD has fallen below the 30 level again.
If Bitcoin doesn’t break above $ 46,000 anytime soon, it seems logical to stop below $ 41,000 as tests of $ 38,000 are on the horizon.
Of course, this creates similar scare scenarios for altcoins, and the leading cryptocurrency will bring them down. For this reason, it is necessary to stop at altcoilers by looking at BTC.
The cryptocurrency market has fallen 5% overall in the last 24 hours. BTC was hit 5% while ETH fell 7% and ADA 8.6%.