Bitcoin is struggling to clear the $50,000 resistance zone against the US Dollar. BTC could decline heavily if there is a clear move below the $47,300 level.

• Bitcoin is struggling and showing bearish signs below the $50,000 resistance.
• The price is now trading below $49,500 and the 100 hourly simple moving average.
• There is a major bearish trend line forming with resistance near $49,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start a fresh increase if it is able to clear the $50,000 level.

Bitcoin Price Holds Key Support

Bitcoin price started a fresh decline from the $52,000 resistance zone. BTC broke the $49,000 support level and settled below the 100 hourly simple moving average.

There was also a move below the $48,000 level, but the bulls were active near the $47,300 zone. A low is formed near $47,298 and the price is now correcting losses. There was a move above the $48,000 resistance zone.

Bitcoin climbed above the 23.6% Fib retracement level of the downward move from the $51,955 swing high to $47,298 low. The price is now trading below $49,500 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $49,000 level.

The next major resistance is near the $49,500 level. There is also a major bearish trend line forming with resistance near $49,900 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The trend line is close to the 50% Fib retracement level of the downward move from the $51,955 swing high to $47,298 low. A clear break above the $49,500 resistance zone…