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Bitcoin hits 3-month high, but shows signs of weakening: how deep can we fall

The second full-fledged week of recovery of the quotes of the first cryptocurrency and the entire market began on Monday. During this time, bitcoin managed to successfully pass the difficult zone of $41,500-$45,000 and form a powerful support zone at $45,300. Today, August 10, BTC made a rapid breakthrough, went beyond the range, and set a three-month record at $46,200. However, immediately after reaching this indicator, the cryptocurrency rolled back to the support zone of $45,300 and began to weaken.

As of 14:00 UTC, the asset is quoted at $45,400. At the same time, the downward dynamics of the price movement is gaining momentum, which reached the indicator of -1.5%. The cryptocurrency also showed a 1.5% drop in 24 hours. Today, bitcoin touched a round mark, which acts as a local pressure boundary. The main resistance line is higher at $46,900, and its upper limit is near $47,700. After the pullback to the support zone, the asset showed signals for growth, but no single bullish line was formed. Over the next few hours, the cryptocurrency systematically rolled back to the support zone at $45,300, where it tried to consolidate the price and test the round border again.

However, the bitcoin charts still show signals for weakening and a possible breakdown of the support zone around $45,500. The four-hour chart of the indicator shows the prerequisites for a reversal and further growth, but the RSI and MACD show the formation of a bearish divergence in the near future. If buyers fail to win back the current offer, aggravated by a local correction, then we are waiting for a breakdown of the support line at $45,500. In this case, the fall will likely worsen to the main lines, where supports are formed at $39,900 and $37,700. The last frontier proved to be a guarantor of the stability of bitcoin since the coin bounced off this zone three times. Therefore, taking into account the current positive situation in the market, this should become a kind of bottom of the current bullish rally.

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In addition, a clear bullish impulse trend is forming on the one-hour chart. Bitcoin could likely jump above $46,000 out of the blue thanks to successful consolidation and accumulated volumes. But the current technical indicators speak only of a short-term impulse that can be absorbed or not worked out at all. In this case, the movement to the upper border of the range and the exit to $50,000 will be a matter of the next few days. However, taking into account the current dynamics of the drop in the bitcoin quotes, further movement below $45,000 looks most likely.

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The material has been provided by InstaForex Company - www.instaforex.com