Bitcoin price fell for a second day in a row, retreating after its price passed $48,000 earlier this week

Bitcoin price and other significant cryptocurrencies plunged amid worsening inflation numbers and a vote by the European Union on crypto legislation that the industry viewed unfavorably. At the time of writing, BTC is changing hands at $44,722.

bitcoin-price-fell-for-a-second-day-in-a-row-retreating-after-its-price-passed-48000-earlier-this-week

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price slides for the second day as analyst warns of dip below $45,000

Several prominent altcoins were faring worse, suggesting a lessened risk appetite among investors. BTC was recently trading at under $46,00, a more than 2% drop over the past 24 hours. Ether’s second-largest crypto by market cap was similarly off for the same period and changing hands at about $3,300. Meme coins DOGE and SHIB were recently off about 3% and 4.5%, respectively.

Bitcoin is in pullback mode after sellers responded to resistance at $48,000. The cryptocurrency could find support at $43,000 into the Asia trading day, stabilizing the down move. The daily chart’s Relative Strength Index (RSI) is declining from overbought levels, which typically precede pullbacks in price. However, on the weekly chart, the RSI is neutral with positive momentum readings. That means buyers could remain active at lower support levels.

Still, BTC is attempting to break below a two-week-long uptrend, similar to what occurred in early February, which preceded a brief price drop. For now, buyers will need to maintain the breakout above $45,000 to yield an upside target toward $50,966.

bitcoin-price-fell-for-a-second-day-in-a-row-retreating-after-its-price-passed-48000-earlier-this-week

So far, Bitcoin’s positive return in March is well ahead of its seasonal norm. March is typically a weak month for BTC, albeit with a low probability. Instead, April and May have a strong likelihood of positive returns.

The overall cryptocurrency market cap now stands at $2.053 trillion, and Bitcoin’s dominance rate is 41.5%.

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