After the BTC/USD pair reached the level of 50000 , it has been declining for the second day in a row. The bulls did not have enough strength to raise the price of Bitcoin above $50000. Many began to fix profits, market activity dropped. The bulls tried to keep the price above $49000, but the pressure was increasing and the price continued to decline. And at the time of publication, the BTC/USD pair fell below the level of 48000 and is trading around 47400.
Thus, the BTC/USD pair has already dropped below the support level of $47600. This opens her way to the area of 47300. A breakdown of this level will increase the pressure. In this case, the BTC/USD pair may fall to the area of the important support level of 46800. Any further decline will push the BTC/USD pair into the area of 46000.
It is very important for bulls to keep the price above $47000. In this case, they will try to start new growth. In this case, the nearest resistance will be met by the BTC/USD pair in the area of 48300. A breakout of this level will send the price to the 48800 area, where the downtrend line is located, which began to form after reaching the level of 50000. A breakdown of the trend line will open the way for the BTC/USD pair to the 50000 area.
It is worth noting that a large number of Bitcoin buyers are concentrated in the area of $46000. Approximately 922500 addresses bought 490400 BTC in the area.