TA: Bitcoin Tops Near $47K, Why The Bulls Must Defend $45K

Apr 6, 2022 04:00 am Cryptocurrency 135

Bitcoin struggled to gain momentum above $47,000 against the US Dollar. BTC started a fresh decline and dived to the $45,000 support zone.

Bitcoin reacted to the downside after it formed a short-term top near $47,000.

The price is trading below $46,000 and the 100 hourly simple moving average.

There is a key bearish trend line forming with resistance near $46,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair must stay above the $45,000 support to avoid more downsides in the near term.

Bitcoin Price Trims Gains

Bitcoin price made another attempt to gain momentum above the $47,000 resistance zone. However, BTC failed to continue higher above $47,000 and reacted the downside.

There was a downside break below the $46,000 support level and the 100 hourly simple moving average. The price declined below the $45,500 support to move into a short-term bearish zone. However, the bulls are now defending the $45,000 support zone.

A low is formed near $45,048 and the price is now consolidating. On the ..

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