The price of Bitcoin continues to demonstrate sideways movement but the pressure on it intensified. The BTC/USD pair is traded closer to the level of 47000 without attempts to show growth. It seems that bulls have exhaled and ward forces for new growth. Bears do not attend any attempts to send the BTC price below $47000. At the time of publication, the BTC/USD pair trades around 47250.
On the 4-hour chart, it is clear that the growth stopped. The BTC/USD pair demonstrates sideways movement and forms a downward triangle. Today, this triangle is visible. It provides support for the pair in the area of 47000. However, the descending triangle also limits the movement of the pair in the area of 47500.
Support and resistance levels for the BTC/USD pair remain. The BTC/USD pair should overcome the upper border of the descending triangle near 47500 to continue moving to an important level of 48000. Active growth will resume if the pair can overcome and hold above this level.
It is also worth noting that the unsuccessful attempt to break through the border of the descending triangle can increase the pressure on the price of Bitcoin. In this case, we will see the new attempts by bears to send the price of Bitcoin below $47000. In case of success, the pair will try to stay in the support area of 46800. The move below this level will send the BTC/USD pair to the area of 46400. Breakdown of this level will strengthen sales and send the BTC/USD pair to the area of 45000.