At the time of writing, BTC/USD is changing hands at $46,158 after adjusting from the resistance level of $47,219 which is an intraday high.
The Bitcoin price from a technical angle reveals that the market price may follow the downtrend or continue to move sideways because the bullish movement is not visible now.
Any bearish movement below this could draw the coin towards the lower boundary of the channel and may cause the coin to reach the critical supports at $42,000, $40,000, and $38,000.
As the 4-hour chart reveals, the Bitcoin price is seen crossing below the 9-day and 21-day moving averages, and the bears are likely to come back into the market while the bulls are trying to defend the $46,000 support.
Moreover, buyers may need to regroup and hold the support of $46,000, once this is done, traders may expect a movement towards the upper boundary of the channel, and this could push the king coin to the resistance levels of $48,000, $50,000, and $52,000.