Bitcoin price failed to clear $48,000 and corrected lower against the US Dollar. BTC is likely to extend its decline if it breaks the $45,000 support zone. Bitcoin started a fresh decline after it failed to clear the $48,000 resistance. The pair is likely to extend its decline if it fails to stay above the $45,000 support. However, BTC struggled to gain strength, resulting in a bearish reaction below the $47,000 support zone.
If bitcoin clears the $46,700 and $47,000 resistance levels, it could revisit the $48,000 resistance zone in the near term.
An initial support on the downside is near the $45,500 level. The main support is now forming near the $45,000 level. If the price fails to stay above the $45,000 support, it could move down towards the $43,200 support level.