On Tuesday morning, Bitcoin fell sharply at $46,690 and then rose short-term, breaking through the US$47,000, and the current price is now at US$47,140, with an intraday drop of 2.6%. Bitcoin investment products have seen capital outflows for the eighth consecutive week. Vice President of the European Central Bank: Cryptocurrencies should be regulated like other assets. CFTC official: The supervision of cryptocurrencies in the United States is oversimplified. The U.S. Treasury Department hopes to include new cryptographic rules in the $3.5 trillion budget settlement bill.
From a technical perspective, the daily candle is under pressure, but has not fallen below the key point of 46200. On H4 graph, there is a prelude to a descending triangle. BOLL is flat, moving average is under pressure, and indicators are gradually weakening. Overall, prioritise Sell on the low position 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 48000.
Resistance：48000-49300-50500
Support：46200-44800-43800
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