On the hourly chart, the BTC/USD pair continues to trade within the ascending triangle, which supports the pair around 46200 dollars. Yesterday, the bears failed to push the Bitcoin price below $43900. The BTC/USD pair formed a minimum around 43400 dollars, after which it began to grow. Today Bitcoin was able to overcome the resistance level of 45000 dollars and is now trying to reach the psychological level of 47000 dollars. At the time of publication, the BTC/USD pair is trading in the area of 46300.
If the price of Bitcoin can gain a foothold above $46600, then this resistance level will transform into support for the largest digital currency. In this case, the BTC/USD pair will continue to move around 47350 dollars. Further, the price may rise to the key resistance of 48500 dollars.
If BTC does not hold on to its current position and begins to retreat, then large investors will try to support the coin around 44400. A move below this level will release the pair around the next support at 44200. A breakout of this level will send the BTC/USD pair to the area of 43900.
The news background contributes to the decline in the price of Bitcoin. Another Chinese province, Hebei, bans cryptocurrency mining. Representatives of the region announced their intentions to fight against mining and cryptocurrency trading in the province.
We remember how earlier statements by the Chinese provinces to stop Bitcoin mining brought the price down. However, analysts say the situation is different this time. The price did not show a sharp decline, which means that the effect of the statements of the Chinese province will not be so negative.