The BTC/USD pair has traded at lows near the key support of $46,300, with the technical outlook suggesting further losses
The benchmark cryptocurrency is trading around $47,100 at time of writing, about 2% and 4.8% down in the past 24 hours and week respectively. BTC/USD might continue to face short-term bearish pressure after this latest rejection, with negative sentiment likely to increase as market dominance slips towards 40%.
In the case that fresh selling occurs, Bitcoin could slip towards the $45,000 support level. If the price falls below $45,000, it could tank to $40,000, according to price projections shared by a technical analyst.
Bitcoin price outlook
Bitcoin’s downward move follows the price movement towards the apex of a bearish triangle pattern formed on the daily chart. The decline below the triangle’s support line has added downside pressure, with the failure to clear the $49,000 resistance zone over the weekend seeing BTC/USD move to lows of $46,700.
BTC/USD daily chart. Source: TradingView
Although the cryptocurrency’s price remains in an overall uptrend, bears look poised to retest the key support level at $46,300. This move would open BTC/USD up to a potential slip towards the next anchor around the 0.236 Fibonacci retracement level of the swing high from $29,501 to $50,505, currently located at $45,548.
If the price breaks lower, then BTC bulls might have to defend recent gains around the 0.382 Fib level ($42,481). There’s a possibility Bitcoin could touch the 50-day moving average ($41,552) and the 0.5 Fib level ($40,003).
These lows coincide with predictions made by technical analyst Kevin Wadsworth. In a recent interview with Kitco News, the co-founder of Northstar and Badcharts opined that although Bitcoin remained relatively bullish, it could seek support at the $40,000 level before rebounding to hit a new high.
In the short term, bulls must defend the $46,300 line to retain the advantage suggested by the daily RSI above 50.
According to Wadsworth, BTC/USD might see fresh buying pressure if the price breaks above $51,000, with a new rally likely to see prices peak from around late September to October. If the scenario plays out, the analyst predicts that BTC price could hit $100,000 before the end of the year.
The BTC/USD pair has traded at lows close to the important thing assist of $46,300, with the technical outlook suggesting additional losses
The benchmark cryptocurrency is buying and selling round $47,100 at time of writing, about 2% and 4.8% down previously 24 hours and week respectively. BTC/USD may proceed to face short-term bearish stress after this newest rejection, with unfavorable sentiment more likely to enhance as market dominance slips in the direction of 40%.
Within the case that recent promoting happens, Bitcoin may slip in the direction of the $45,000 assist stage. If the worth falls beneath $45,000, it may tank to $40,000, in accordance with worth projections shared by a technical analyst.
Bitcoin worth outlook
Bitcoin’s downward transfer follows the worth motion in the direction of the apex of a bearish triangle sample shaped on the each day chart. The decline beneath the triangle’s assist line has added draw back stress, with the failure to clear the $49,000 resistance zone over the weekend seeing BTC/USD transfer to lows of $46,700.
BTC/USD each day chart. Supply: TradingView
Though the cryptocurrency’s worth stays in an total uptrend, bears look poised to retest the important thing assist stage at $46,300. This transfer would open BTC/USD as much as a possible slip in the direction of the following anchor across the 0.236 Fibonacci retracement stage of the swing excessive from $29,501 to $50,505, presently situated at $45,548.
If the worth breaks decrease, then BTC bulls might need to defend current positive aspects across the 0.382 Fib stage ($42,481). There is a chance Bitcoin may contact the 50-day transferring common ($41,552) and the 0.5 Fib stage ($40,003).
These lows coincide with predictions made by technical analyst Kevin Wadsworth. In a current interview with Kitco Information, the co-founder of Northstar and Badcharts opined that though Bitcoin remained comparatively bullish, it may search assist on the $40,000 stage earlier than rebounding to hit a brand new excessive.
Within the brief time period, bulls should defend the $46,300 line to retain the benefit instructed by the each day RSI above 50.
In keeping with Wadsworth, BTC/USD may see recent shopping for stress if the worth breaks above $51,000, with a brand new rally more likely to see costs peak from round late September to October. If the situation performs out, the analyst predicts that BTC worth may hit $100,000 earlier than the top of the 12 months.
