TA: Bitcoin Consolidates, What Could Trigger A Sharp Downside Correction

Bitcoin price is facing a strong resistance near $46,700 against the US Dollar. BTC is likely to nosedive if it continues to struggle above the $46,500 resistance. Bitcoin is still struggling to clear the $46,500 and $46,700 resistance levels. The price is now above the $45,000 zone and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $46,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must stay above the $45,000 support to avoid a major decline in the near term. Bitcoin Price Faces Hurdles Bitcoin price is still facing a strong barrier near the $46,500 and $46,700 resistance levels. BTC is currently consolidating well below the $46,700 resistance zone. Recently, there was a minor downside correction from the $46,699 high. The price traded below the $46,000 support level. There was a break below the 50% Fib retracement level of the upward move from the $44,714 swing low to $46,699 high. Besides, there was a break below a major bullish trend line with support near $46,000 on the hourly chart of the BTC/USD pair. The pair is now above the $45,000 zone and the 100 hourly simple moving average. An immediate support on the downside is near the $45,450 level. The 61.8% Fib retracement level of the upward move from the $44,714 swing low to $46,699 high is also sitting near the $45,450 level. On the upside, an initial resistance is near the $46,200...