Bitcoin price started a major decline from the $47,000 resistance zone.
The price even broke the $45,000 support level and settled below the 100 hourly simple moving average.
It is near the 23.6% Fib retracement level of the recent decline from the $46,845 swing high from the $42,904 low.
The next resistance could be near $44,250.
Bitcoin price must clear the $44,800 and $45,000 resistance levels to start a fresh increase.
If bitcoin fails to clear the $44,000 resistance zone, it could continue to move down.
In the stated case, the price could drop towards the $42,000 support in the near term.
He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.
NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins.