Bitcoin (BTC) Price Prediction: BTC/USD forms a tight range between $47k and $50k, further sell-off is imminent

BTC/USD May Lose $47,000 Support, Further Selling Pressure Coming - December 12, 2021
On December 10, BTC/USD fell to a low of $47,051 and further selling pressure is imminent. $47,000 is a key support level. The bears have retested the current support several times but have not been able to break through it. On the other hand, the bulls retested the $52,000 resistance once but were repelled.
Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000

BTC/USD - Daily Chart
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Today, the price of Bitcoin (BTC) continued to rise to its previous high. This short-lived uptrend reached a high of $50,800 but was repelled. The selling pressure on Bitcoin has resumed and the price has declined to retest the lower price range. This is the price action since the price crash on December 4. When the price crashed on December 4, Bitcoin plunged to $41,634 and bulls bought the pullback. The price corrected upward to a high of $51,970. Subsequently, Bitcoin fell again to a low of $47,051. However, in the past week, BTC/USD has been fluctuating between $47,000 and $52,000. When it breaks out of this range, Bitcoin will resume its downward or upward trend.
Bitcoin (BTC) indicator readings
The RSI 14 period is at 39 levels. This shows that the cryptocurrency is trading in the downtrend zone and is likely to decline. The BTC price bars are below the moving averages, which suggests that Bitcoin is in the bear market zone and the price may decline. The digital currency is below the 50% range of the daily stochastics. The market has resumed the bearish momentum.

BTC/USD - Daily Chart
Meanwhile, BTC price is hovering above the critical support of $47,000, with further selling pressure on the horizon. The price is confined between $47,000 and $50,500. This tight range will eventually lead to a breakout or breakdown of the price. Meanwhile, based on the downtrend on November 26, the retraced candle body tested the Fibonacci retracement level of 78.6%. The retracement suggests that BTC price will fall but reverse at the 1.272 Fibonacci Extension or $49,274.20 level.
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