At the time of writing, the path of least resistance is still downwards, and the daily chart shows that the formation of a bearish may come into focus.
At the time of writing, the bulls are struggling in keeping the Bitcoin price above the 9-day and 21-day moving averages but the price is currently dropping below the 9-day MA.
Meanwhile, a sustainable move above this barrier may locate the resistance level of $47,000, which may allow for an extended recovery towards the potential resistance levels at $50,000, $52,000, and $54,000.
Meanwhile, higher resistance would be located at the resistance level of $46,000, and as the technical indicator Relative Strength Index prepares to move above 50-level, the king coin may hit the resistance level of $47,000 and above.