The supply of Bitcoin slowed from 6.9% in 2016 to 4.4% in 2017 and 4% in 2018. BTC prices are influenced by factors such as demand and supply, cost of producing a bitcoin through the mining process, rewards issued to Bitcoin miners for verifying transactions to the blockchain, regulations governing its sale and use, news, internal governance, and the number of competing cryptocurrencies.

Let us see the technical analysis of BTC.
<h2><b>Past Performance of BTC</b></h2>
The yearly return in BTC has been so far around 109%. Moreover, in the previous week, the BTC has traded between a low of $45,598.44 and a high of $49,473.96, making a rise of 7.3% <a href="https://www.cryptoknowmics.com/news/btc-technical-analysis-at-support-levels-no-real-uptick-soon/">during the week</a>. However, it has moved lower by almost 1% during the last 24 hours.

<img class="tv-snapshot-image" src="https://s3.tradingview.com/snapshots/u/UYHRtk22.png" alt="TradingView Chart" />

Source: <a href="https://www.tradingview.com/x/UYHRtk22/">https://www.tradingview.com/x/UYHRtk22/</a>
<h2><b>BTC Technical Analysis</b></h2>
At the time of writing, BTC is trading at $46,441 and has been falling since last week. In the one-day chart for daily prices, a bearish day saw it fall to an early morning intraday low of $45,220. It shrugged off the first major support level at $45,134 and rallied to a late morning intraday high of $47,200, falling short of the first major resistance level at $46,633. However, it fell back below $46,500 levels before finding support.

For a reversal in the trend, BTC needs to avoid the $46,626 pivot and try to hit the first major resistance level at $47,730. Moreover, volume support from the overall market is needed to break out from $47,500 levels.

The <b>On-balance Volume</b> is at 3.47 million and is going in a downwards direction. This shows the downturn in volume is in line with the prices.

<b>RSI</b> is at 36%, near the oversold zone. The BTC price saw a death cross, a market indicator that occurs when a short-term moving average slips below a long-term moving average. Here, the 20-day exponential moving average (20-day EMA) will close below its 200-day exponential moving average (200-day EMA).

The <strong>MACD indicator</strong> shows the MACD line and the Signal line meeting exactly at a point and there is no turn of the trend, rather the negativity will sustain. Therefore, traders have to wait until a clear trend is seen.
<h2>Price Trends for the Day-Ahead and Tomorrow</h2>
Along with the overall market rally, the first major resistance is at $48,000 and can happen in a week's time. Moreover, if a rally happens above the first major resistance, it can show resistance at $50,000 levels before any pullback. The second major resistance level is at $48,586.

For the next few days, if it falls through, the $46,626 pivot will be the first major support level and then the second support level to watch is $45,770. Unless a large red day happens, BTC should steer clear below $44,000 levels. Notably, the third major support level at $44,666 and the 38.2% FIB of $44,144 should limit the downside.

BTC Technical Analysis: Psychological Level of $46000 Remains Substantial

BTC is trading at $46,441 and has been falling since last week. In the one-day chart for daily prices, a bearish day saw it fall to an early morning intraday low of $45,220.

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

BTC Technical Analysis: Psychological Level of $46000 Remains Substantial

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