BTC/USD has traded as low as near the key support at $46,300, technical outlook points to further losses
The cryptocurrency is trading around $47,100 at the time of writing, down about 2% over the past 24 hours and 4.8% for the week. The BTC/USD pair may still face short-term bearish pressure following the recent rejection, and negative sentiment is likely to worsen if market dominance slides toward 40%.
If fresh selling emerges, Bitcoin could decline toward the $45,000 support level. Should the price fall below $45,000, some technical analysts’ price projections suggest a potential drop to $40,000.
Bitcoin price outlook
The recent downturn follows price action toward the apex of a descending triangle formed on the daily chart. A break below the triangle’s support line increased downward pressure, and because BTC/USD failed to clear the $49,000 resistance over the weekend, it slipped to lows near $46,700.
BTC/USD daily chart. Source: TradingView
Although the overall trend remains upward, bears appear ready to test the key $46,300 support again. Such a move would open the way for a possible slide toward the 0.236 Fibonacci retracement level measured from the $29,501 low to the $50,505 high, which currently sits around $45,548.
If the price moves lower, bulls may have to defend recent gains near the 0.382 Fib level at approximately $42,481. It is possible Bitcoin could touch the 50-day moving average near $41,552 and the 0.5 Fib level around $40,003.
These downside levels align with forecasts made by technical analyst Kevin Wadsworth. In a recent interview with Kitco News, the Northstar and Badcharts co-founder said that while Bitcoin remains in a broader uptrend, it could seek support around $40,000 before resuming a recovery and reaching new highs.
To maintain the upside case, bulls need to hold the $46,300 line in the short term, supported by a daily RSI reading above 50.
Wadsworth added that BTC/USD could attract renewed buying pressure if the price breaks above $51,000. With a fresh rally, prices would likely peak between late September and October. If that scenario unfolds, the same analyst projected Bitcoin could reach as high as $100,000 before the end of the year.