Bitcoin has struggled for the past few days, with the broader cryptocurrency market currently in a sea of red trading charts
The cryptocurrency market is currently correcting after seeing a mini rally last week and weekend. Most cryptocurrency prices have fallen 3% or more in the past 24 hours.
Bitcoin rejected the $ 50,000 mark after climbing to those levels over the weekend. The leading cryptocurrency failed to surpass this level or even hold it for a long time, causing it to fall over 5% in the past few days.
Bitcoin is currently trading near the $ 47,000 mark. However, there is a risk of falling towards the $ 45,000 region in the next few hours or days if current market conditions persist. Market analysts refer to this as a correction and believe that Bitcoin may be ready to test the $ 50,000 mark again.
Outlook on the BTC price
Bitcoin’s technical picture has changed in the last few days after the leading cryptocurrency failed to hold its position around the $ 50,000 mark. At the moment the BTC / USD 4-hour chart looks bearish and the technical indicators are suggesting that more losses may follow soon. The RSI of 37 indicates that Bitcoin is currently in an oversold state while the MACD line has fallen deeper into the bearish territory.
BTC / USD 4-hour chart. Source: TradingView
At the time of writing, BTC is trading at $ 46,820 per coin. Bitcoin could well fall below the $ 46,595 pivot soon, which could result in further losses. If bearish sentiment persists, the first major support at $ 45,425 could come into play in the hours ahead. If the price drops to this level, Bitcoin could fall as low as $ 44,000.
Bitcoin, however, recapturing the $ 47,443 level, could allow it to move towards the $ 49,000 mark. The first major resistance is at $ 48,470, and any move beyond that level could allow BTC to target the $ 50,000 region again. Without a major catalyst in play, the moods of traders and investors could play a huge role in how Bitcoin performs over the next few hours.