Bitcoin has struggled over the past few days, with the broader cryptocurrency market currently in a sea of red trading charts
The cryptocurrency market is currently correcting after experiencing a mini-rally last week and over the weekend. The prices of most cryptocurrencies are down by 3% or more in the past 24 hours.
Bitcoin rejected the $50,000 mark after rallying to that level over the weekend. The leading cryptocurrency was unable to surpass that level or even maintain it for long, leading it to drop by over 5% in the last few days.
Bitcoin is currently trading close to the $47,000 mark. However, it risks dropping towards the $45,000 region in the next few hours or days if the current market conditions persist. Market analysts term this as a correction and believe that Bitcoin could be ready to test the $50,000 mark once again.
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BTC price outlook
Bitcoin’s technical picture has changed over the past few days after the leading cryptocurrency was unable to maintain its position around the $50,000 mark. At the moment, the BTC/USD 4-hour chart is looking bearish, and the technical indicators suggest further losses could soon follow. The RSI of 37 indicates that Bitcoin is currently in an oversold condition while the MACD line has dropped lower into the bearish region.
BTC/USD 4-hour chart. Source: TradingView
At time of writing, BTC is trading at $46,820 per coin. Bitcoin could well drop below the $46,595 pivot soon, and this could result in further losses. If the bearish sentiment continues, the first major support at $45,425 could come into play in the coming hours. If the price falls to that level, then there could be room for Bitcoin to fall as low as $44,000.
However, Bitcoin reclaiming the $47,443 level could allow it to move higher towards the $49,000 mark. The first major resistance is at $48,470 and any movement beyond that level could allow BTC to target the $50,000 region again. With no major catalyst in play, the traders’ and investors’ sentiments could play a huge role in how Bitcoin performs over the next few hours.