There was a move below the 23.6% Fib retracement level of the upward move from the $44,469 swing low $48,200 high.
Bitcoin is now trading above $46,500 and the 100 hourly simple moving average.
There is also a major breakout pattern forming with resistance near $47,700 on the hourly chart of the BTC/USD pair.
The next major support is seen near the $46,800 level and the 100 hourly simple moving average.
It is near the 50% Fib retracement level of the upward move from the $44,469 swing low $48,200 high.
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