Bitcoin Price Analysis: How Long Will the Downturn Continue?

The price of bitcoin has been falling steadily since early November, and yesterday buyers failed to cross the $ 48,500 resistance. However, this trend may stop with the support of $ 45,500.

To Report Bitcoin started trading above $ 46,500 yesterday and managed to break the $ 48,000 resistance, but buyers failed to cross the $ 48,200 level.

The price peaked yesterday at around $ 48,289. The price is currently falling below that level and is now below $ 48,000, the 100-hour moving average (SMA) and the 50% Fibonacci retracement level. In this analysis, Fibonacci levels are set based on the upward movement of the price from $ 45,520 to the peak of $ 48,289.

If the market continues to move higher, the nearest resistance is in the range of $ 47,000, after which the simple moving average of 100 hours and the level of $ 47,200 will act as the key resistance before the price. Near the $ 47,200 level, there is another resistance, which is related to the downtrend line on the chart.

The next key resistance is in the range of $ 47,500, and crossing this level can pave the way for the upward trend to $ 48,500, while it is possible to cross the $ 48,500 in the short term.

If buyers fail to break the $ 47,500 resistance, the price may fall deeper. In this case, the closest support will be in the range of $ 46,500 and the level of 61.8% Fibonacci correction.

A break of the $ 46,500 resistance could lead to a fall to $ 45,500, after which $ 45,000 will act as a key resistance to the price. If the $ 45,000 resistance continues to break, the price may fall to $ 43,200.

The MACD is slowly entering the downtrend and the Relative Strength Index (RSI) is below 50.

As mentioned, $ 46,500 and $ 45,500 are key Bitcoin supports, and $ 47,200, $ 47,500 and $ 48,500 also act as price resistance.