On Tuesday, when El Salvador adopted Bitcoin as its legal currency on the first day, Bitcoin suffered a violent sell-off, with the biggest drop approaching 10,000 points. It stabilized around $46,700 in early trading on Wednesday. The difficulty of Bitcoin mining increased by 4.54% to 18.42T, and the proportion of digital currency bulls who actively closed their positions yesterday was as high as 92.7%. Several major U.S. cryptocurrency exchanges failed during the Bitcoin crash. Grayscale Investment CEO: The US SEC should approve both the Bitcoin futures ETF and the spot ETF.
From a technical perspective, the daily graph formed a huge bearish candle, and the daily indicators were passive. H4 graph showed a downward gap and rapidly undergo correction. Currently Bitcoin is close to 50% of the Golden Ratio. The indicators showed bearish signal. 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 46000.
Resistance：47400-48200-49500
Support：46000-44600-42800
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