It seems that after a short rest, the bears have returned to the cryptocurrency market. After the bulls failed to raise the Bitcoin price above $48000, we are seeing an active bearish correction.
The bulls were unable to keep the price above the support level of 46500. They also failed to stop her around $45900. As a result, at the time of publication, the BTC/USD pair is trading around $44800. At the same time, the pair continues to be above the uptrend line, which has been forming on the 4-hour chart since July 20. However, there are several signs on the chart suggesting that the BTC/USD pair could correct towards $40000.
On the 4-hour chart, a downtrend line is beginning to form, providing resistance for BTC/USD at around $46200. The pair is also approaching the 100 moving average, which provides support around $43750.
If the bears continue to lower the price, they will meet the first resistance around $44500. Further, the level of $44200 will provide support for the BTC/USD pair. If the price falls below the moving average, it could drop to the support level of $40000.
On the other hand, as a result of the decline, the $45000 level became a resistance level for the bulls. Further, the bulls will need to overcome the level of $45700. Then they will meet resistance in the area of the emerging downtrend.