On Wednesday, Bitcoin continued to fell, reached the lowest point of $46500. The current price is at $47100. The current difficulty of the entire Bitcoin network is 17.62 T, and it is predicted that it will increase by 1.73% to 17.92 T next time. The $150 million Bitcoin Trust Fund in El Salvador was approved by the Parliament and plans to deploy 200 Bitcoin ATMs in the country. The Monetary Authority of Singapore issued the country's first digital payment token license to the financial technology company FOMO Pay.
From a technical perspective, the daily candle formed M pattern, with a support at around 46200. Indicators show signs of slowing down on Bitcoin strengthening. On H4 graph shows that Bitcoin is fluctuating and weakening but the support line is quite strong. The indicator tends to be neutral but shows bearish sign. Overall, bitcoin will repeatedly confirm the position of fluctuations. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 48200.
Resistance：48200-49300-50500
Support：46200-44800-43800
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