BTC bulls struggle to withstand downward pressure as Bitcoin traded as low as $47,600
Bitcoin is down about 2.1% at the time of writing and is trading near $48,475 after failing to sustain highs above $50,000. The flagship cryptocurrency sits below a key resistance level, and further losses may unfold if the price cannot hold above $49,000.
BTC price outlook
The Bitcoin price corrected to a low of $47,600, erasing gains made when bulls pushed to a monthly high above $50,000. The leading crypto has recovered some intraday losses, with buyers testing and briefly breaking above the 0.236 Fibonacci retracement level at $48,282.
Bitcoin even touched highs of $48,622, though profit-taking limited the upside and prices have since slipped back below $48,400.
To continue higher and reclaim most of the recent declines, the BTC/USD pair needs a decisive break above horizontal resistance near $48,650 and the 0.382 Fibonacci retracement level of the drop from the $50,491 swing high to the $47,600 swing low at $48,705.
The 20-period 4-hour exponential moving average at $48,727 represents the next barrier. Together, these converging resistances form a critical supply zone; a sustained move above it could see bulls target the 0.618 Fib level at $49,387.
BTC/USD 4-hour chart. Source: TradingView
The 4-hour chart suggests bulls may not have full control yet, with the Relative Strength Index climbing toward the 50 midpoint. The 20 EMA is also curving downward, increasing the potential for further short-term weakness in BTC/USD.
If the price reverses below the 0.236 Fib level, bulls will rely on initial support around $48,000. Buyers could still attempt to push the price back up from there and reclaim the marked resistance zones. However, renewed downward pressure that forces bulls lower would leave the next anchor at the 50 4-hour moving average near $47,618.