The price of Bitcoin continues to face heavy resistance in the range of $ 46,500 to $ 46,700. The price of this digital currency is currently relatively far from the resistance of $ 46,700 and is going through its stabilization phase.
to the Report According to Newsbite, the price of Bitcoin recently fell with a slight correction from the peak of $ 46,699. After the fall, Bitcoin fell to $ 46,000 support and even below 50% Fibonacci. The Fibonacci price jumped from $ 44,714 to $ 46,699.
In addition, the price fell below the important uptrend line. Support for this trend line in one-hour timeframes was close to $ 46,000. It is currently priced above $ 45,000 and a simple moving average of 100 hours.
Fibonacci 61.8% is near $ 45,450. The Fibonacci price jumped from $ 44,714 to $ 46,699.
At around $ 46,500, we are witnessing the formation of a significant resistance. The main price resistance is near $ 46,700. A break of $ 46,700 is likely to pave the way for further climbing. In that case, the price could easily rise to $ 47,500. $ 48,000 will act as the next price resistance.
If the price drops to $ 45,450, it will be the first support for the Bitcoin price. 45,200 is also key support for Bitcoin. Breaking down and stabilizing the price below this support area could lead to further falls and prices reaching 43,200.
The Succulent Suction Index is slowly entering the uptrend zone. The Relative Strength Index (RSI) is also close to 50. As mentioned earlier, $ 45,200 is the most important support for Bitcoin. $ 46,200, $ 46,500 and $ 46,700 are short-term bitcoin resistance.