In one of the posts, we wrote about the activation of whales, which began to inflow Bitcoins to the exchanges. We considered it a bad sign for bulls. We assumed that whales prepare for a new bear phase, and the strengthening of the price will last a few days. When the price of Bitcoin enters the area of 48000-50000, a new sale can begin. Our script has come true.
Last night, the price of Bitcoin broke down the level of support of 47000. Bitcoin could not find the necessary support for holding above $48000. After several attempts to fix the coin at this level, it moved to a decrease. This morning, the pressure intensified. The BTC/USD pair lowered to the area of 45000.
If the BTC/USD price drops below 45000, there is a risk it will enter the range of 45000-35000. Therefore, the bulls need to keep the price of Bitcoin above 45000. If the pair descends below the substantial support level, the bulls will try to stop the decline in the area of 44400. The key support will wait for the BTC/USD pair near the level of $44000. The break of this level can send the price to the area of $42000 soon.
If the pair succeeds hold above 45000, the bulls will try to return it above 45500. In this case, the BTC/USD pair will continue to recover to the resistance of 45800.