TA: Bitcoin Turns Red, What Could Trigger More Downsides

Bitcoin price struggled to recover above the $46,000 resistance against the US Dollar. BTC could continue lower below the $44,200 support zone in the near term. Bitcoin is facing a major resistance near the $45,500 and $46,000 levels. The price is now trading below $45,000 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $45,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate further lower if there is a clear break below the $44,200 level. Bitcoin Price Remains At Risk Bitcoin price traded as low as $44,258 before it attempted an upside correction. BTC managed to recover above the $45,000 resistance level. There was a break above the 50% Fib retracement level of the recent decline from the $47,200 swing high to $44,258 low. The price even spiked above the $45,500 resistance zone, but upsides were limited. Bitcoin failed to surpass the $46,000 resistance zone. There is also a major bearish trend line forming with resistance near $45,500 on the hourly chart of the BTC/USD pair. It seems like the pair struggled to clear the trend line and topped just below the 61.8% Fib retracement level of the recent decline from the $47,200 swing high to $44,258 low. Source: BTCUSD on TradingView.com It is now trading below $45,000 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $45,000 level. The fir...