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Bitcoin Price Breaks Key Support

Bitcoin price failed to stay above the 50,000supportzone.Asaresult,therewasasharpbearishreactionandBTCsettledbelowthe50,000 support zone. As a result, there was a sharp bearish reaction and BTC settled below the50,000 pivot level.

There was a break below a major rising channel with support near 49,400onthehourlychartoftheBTC/USDpair.Thepairevenbrokethe49,400 on the hourly chart of the BTC/USD pair. The pair even broke the47,000 support level and settled well below the 100 hourly simple moving average.

A low was formed near 45,759andthepriceisnowcorrectinglosses.Bitcoinpriceisnowtradingnearthe23.6%Fibretracementlevelofthedownwardmovefromthe45,759 and the price is now correcting losses. Bitcoin price is now trading near the 23.6% Fib retracement level of the downward move from the50,788 swing high to 45,759low.Animmediateresistanceontheupsideisnearthe45,759 low. An immediate resistance on the upside is near the47,400 level.

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