If bitcoin fails to clear the $48,880 resistance zone, it could start a downside correction. An immediate support on the downside is near the $47,500 level.

The first major support is now forming near the $47,000 level. The main support is now near $46,000. A downside break below the $46,000 support may perhaps accelerate losses in the near term.

Technical indicators:

Hourly MACD – The MACD is slowly losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.

Major Support Levels – $47,200, followed by $46,000.

Major Resistance Levels – $48,250, $48,800 and $50,000.