Yesterday, the BTC/USD pair could overcome the mark of 48000 and began to show sideways movement. Despite a pullback during the Asian session, the BTC/USD pair could return above 48000 during the European trading session. However, above 48000 dollars, the bears increased the pressure. As a result, the BTC/USD pair showed a pullback again. At the time of publication, the BTC/USD pair is trading around 47900 dollars.
As a result of the price rollback, BTC/USD broke down the ascending price channel, forming since September 13 on the hourly chart. Despite this, the BTC/USD pair continues to trade above the 100-hour moving average, which provides support for the pair around 46350 dollars.
However, the BTC/USD pair has several support levels significantly higher. In the current situation, the level of 47400 is the closest support level. The next important support is near 46350 or 100-hour simple moving average.
If the BTC/USD pair manages to get back above 48000 dollars today, it will try to break the resistance level of 48400 again. If the bulls manage to pass the resistance area of 48400- 48500, they may be able to push the price up to 50000 soon.