Bitcoin has hit a roadblock in its recent upward trajectory. After the digital asset had successfully broken above $47,000, it had been subsequently beaten down by the bears. This was a result of an important resistance point that proved impossible for bitcoin to beat at the time. It continues to struggle with this point even now and has declined into the $44,000 territory. This point remains the level to beat for the cryptocurrency to once more register a bullish trend.
Bitcoin Fails To Break Resistance
Bitcoin establishing a bullish trend can sometimes be a tricky thing. This is due to the fact that as the price grows, the resistance being mounted by bears at various levels becomes increasingly hard to beat. This was the case at the $47,500 level where bitcoin had met significant resistance. Failure to break above this level had sent the digital asset spiraling back down and eventually landing in the low $40,000s.
Related Reading | TA: Bitcoin Tops Near $47K, Why The Bulls Must Defend $45K
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