Bitcoin’s price has been struggling to break above the $48,000 resistance level, despite the recent approval of spot ETFs. This situation has raised concerns among some traders, as it suggests a potential bearish trend in the market.
Although Bitcoin remained stable above the $45,500 support zone and saw a temporary increase after news of the approval, it faced resistance near $47,350 and $47,800. The failure to surpass these levels indicates bearish pressure and a potential decline in the near future.
Immediate support for Bitcoin is seen around the $46,550 level, followed by the major support at $46,000. If the price drops below $46,000, it could gain further bearish momentum and potentially reach the $45,150 support level.
Technical indicators show that the MACD is losing its bullish momentum, while the RSI is above the 50 level, indicating potential stability. However, further analysis and research are recommended before making any investment decisions, as investing in cryptocurrencies carries risks.
Disclaimer: This article is for educational purposes only and does not constitute financial advice. Trading and investing in cryptocurrencies are subject to market risks, and individuals should conduct their own research and due diligence before making any investment decisions.