In the Asia session, Bitcoin fell rapidly below US$48,000. The current price is at US$47,750, a drop of 2.4%. The market value of cryptocurrencies is 2.17 trillion, and Bitcoin accounts for 42.2%. The 7-day average trading volume is nearly 180,000 BTC, reaching the highest since October 2019. Data: The number of BTC held by institutional investors accounts for nearly 8% of the total supply. Report: 81 countries around the world are exploring central bank digital currencies.
From a technical perspective, the weekly candle was closed with six consecutive bullish candles, but the bullish structure has shrunk, the market faces a risk to move downwards. The daily candle was flat, the bullish structure has completed. On H4 graph, the BOLL turned downwards, MACD moved around 0 axis, RSI fell. Overall, prioritise Sell within the fluctuation zone. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 49300.
Resistance：48600-49300-50500
Support：47000-46000-44800
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