NEW DELHI (CoinChapter.com) — Bitcoin price could struggle to clear the $48,000 resistance. BTC/USD might start a downside correction toward $40,000 or even $35,000 in the coming weeks.
In the past few weeks, Bitcoin’s price steadily increased and uptrend above the $35,000 resistance. The BTC/USD pair broke many hurdles near $40,000 to move further into a positive zone. It also dragged altcoins such as Ethereum, Solana, and XRP higher.
There was a clear move above the 50% Fib retracement level of the key drop from the $68,958 swing high to the $15,822 low. More importantly, there was a sustained move above the 50-week simple moving average (blue).
Recently, BTC spot ETFs were approved by the SEC. Bitcoin saw a decent spike toward the next key hurdle at $48,600. However, the bulls were unable to clear the $48,600 barrier.
The stated barrier represents the last swing region and coincides with the 61.8% Fib retracement level of the key drop from the $68,958 swing high to the $15,822 low. Therefore, there are chances of a minor pullback from the $48,600 resistance zone.
Bitcoin price is already retreating from the $48,600 resistance zone. If the bears step in, there could be a downside correction. The first major support on the weekly chart sits at $40,800.
A downside break below the $40,800 support zone could start a larger pullback. BTC might correct lower toward the $35,000 support zone in the stated case. A bullish trend line is forming with support at $35,000 on the weekly chart.
The main uptrend support sits at $30,000 and the 50-week simple moving average (blue). A weekly close below the $30,000 support could spark a fresh downtrend.
Conversely, Bitcoin could remain stable above the $40,800 support zone, consolidate for some time, and attempt another rally. Immediate resistance is near the $48,600 level.
A successful weekly close above the $48,600 resistance could spark an increase toward $50,000. The BTC price could rally over 10% in the stated case and test the $56,500 zone. Any more gains might push the price toward the $65,000 level in the coming months.
Overall, Bitcoin is showing a few signs of rejection near $48,600. There might be a short-term pullback toward $40,600 or even $35,000 before a fresh rally. BTC must settle above $48,600 to continue higher and reclaim $50,000.
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