Bitcoin price remained in a bearish zone and declined towards $4,350 against the US Dollar. BTC/USD is recovering, but it is facing a solid resistance at $4,775 and it could decline once again.
- Bitcoin price is trading below the key $4,775 and $5,045 resistance levels.
- BTC/USD is currently following a declining channel with resistance at $4,775 on the 2-hours chart.
- BTC price could decline once again if there is no convincing break above the $4,775 resistance.
Bitcoin Price Analysis
Yesterday, bitcoin price recovered a few points after trading to a new multi-month low around the $4,400 level against the US Dollar. BTC/USD recovered above $4,800, but it failed to clear the $5,000 resistance, resulting in fresh decline.
The 2-hour chart indicates that the price declined below the $4,600 and $4,520 levels. Sellers took control and pushed the price to a new multi-month low at $4,340 where buyers emerged.
Later, the price started a fresh upward move and corrected above the $4,500 level. During the recovery, the price traded above the 23.6% Fib retracement level of the last major decline from the $5,751 high to $4,340 low.
However, the upside move was capped by the $4,775 level, which acted as a resistance on a couple of occasions. Moreover, there is a declining channel in place with resistance at $4,775 on the same chart.
If buyers manage to push the price above the channel resistance, there could be more gains towards the $5,000 and $5,045 resistance. The 50% Fib retracement level of the last major decline from the $5,751 high to $4,340 low is also around the $5,045 level to act as a barrier.
On the flip side, if there is no upside break above the $4,775 resistance and the declining channel, the price could start a fresh decline. An immediate support is at $4,500, below which the price is likely to revisit the $4,340 swing low.
Overall, bitcoin price remains at a risk of more declines if buyers fail to push it above the $4,775 and $5,045 resistance levels.
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Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities. Reach out to her [email protected]