After a goodish run over the week culminating in a new yearly high sighting above $48K, Bitcoin has lost bullish steam and has posted a much-awaited backtracked to the $46.3K support. This retrace comes after a prolonged consolidation around the $47K level and an inability to extend its gains above the $47.5K zone over the last 48 hours.

The retrace has removed the benchmark cryptocurrency from the support of several key indicators, including the hourly 100 EMA , the long-term ascending trendline, and the healthy $47K support, as the price barrels towards the down end of my ascending channel .

That said, I foresee a retest of the $46.3K – $46K support in the coming hours, with a maximum decline allowance to $45.8K, where the base of my channel resides. After this correction, the cryptocurrency should have eased off the overheated tensions and a possible return to $48.5K in early April.

Meanwhile, my resistance levels are at $47,000, $48,000, and $48,500, and my key support levels are at $46,300, $46,000, and $45,800.

Total Market Capitalization: $2.12 trillion

Bitcoin Market Capitalization: $884.3 billion

Bitcoin Dominance: 41.5%

Market Rank: #1