The BTC/USD pair has traded near the important support at $46,300, and the technical outlook points to further losses.
Bitcoin is trading around $47,100 at the time of writing, down roughly 2% over the past 24 hours and about 4.8% for the week. BTC/USD could face continued short-term bearish pressure following this latest rejection, with negative sentiment likely to rise as market dominance edges toward 40%.
If selling resumes, Bitcoin could fall toward the $45,000 support area. A breach below $45,000 would open the possibility of a deeper drop to $40,000, according to price projections shared by a technical analyst.
Bitcoin price outlook
The recent decline follows a move toward the apex of a bearish triangle pattern visible on the daily chart. A break below the triangle’s support line has intensified downside pressure, and the inability to clear the $49,000 resistance zone over the weekend pushed BTC/USD down to lows around $46,700.
BTC/USD daily chart. Source: TradingView
Despite the longer-term uptrend, bears appear positioned to retest the key $46,300 support. Such a move would expose BTC/USD to the next support near the 0.236 Fibonacci retracement of the swing from $29,501 to $50,505, currently near $45,548.
Should price slip further, bulls may need to defend gains around the 0.382 Fib level at $42,481. There is also a chance Bitcoin could reach the 50-day moving average near $41,552 and the 0.5 Fib level close to $40,003.
These downside targets align with commentary from technical analyst Kevin Wadsworth. In a recent interview with Kitco News, the Northstar and Badcharts co-founder said that while Bitcoin remains relatively bullish overall, it might seek support around $40,000 before resuming an upward move toward new highs.
In the near term, bulls must hold the $46,300 line to maintain the edge suggested by the daily RSI remaining above 50.
Wadsworth added that renewed buying could appear if BTC/USD clears $51,000. A breakout above that level could trigger a fresh rally, with a potential peak expected from late September into October. If that scenario materializes, the analyst projects Bitcoin could reach $100,000 before year-end.