Yesterday the market continued the sale that started on December 12th. As a result of yesterday’s decline, the price of Bitcoin dropped below the levels of 48000 and 47000. The price reached a low of 46247. Today the price of Bitcoin is showing a recovery and is trading in the area of 47600 at the time of publication.
It should be noted that despite the constant pressure on the market, exchanges record an outflow of cryptocurrency from exchanges. Investors started withdrawing cryptocurrency from exchanges last week. BTC’s balance fell to its lowest level since August, according to Glassnode. And according to IntoTheBlock, over the past week, Bitcoins worth of $3 billion were withdrawn from exchanges.
However, the current situation undermines bulls’ hopes for an early recovery in Bitcoin’s price. Despite the fact that the bulls were able to keep the price above 46000, they do not control the market. Now the BTC/USD pair has immediate resistance around 47400. The next major resistance level is located around 48250. A move above this level will increase the chances of a rebound above 50000.
However, on the chart we can see that the BTC/USD pair is failing to overcome the mark of 48000. It is putting up strong resistance. If the BTC/USD pair starts a fresh decline, the next support level is seen around 46500. Key support is at 46000. Any further losses could push the price towards the 45000 support zone.