After a brief respite, Bitcoin has resumed its downward march, slipping below the $47,000 mark to hit a low of $46,800. This move has brought the cryptocurrency's weekly decline to approximately 3%.

Despite the slight increase in trade volume to $1.14 billion, Bitcoin's recovery from its recent lows has been relatively slow.

The cryptocurrency is currently trading at $47,000, with a 24-hour trading volume of $1.14 billion. Bitcoin is still down 0.88% in the last 24 hours, and its cryptocurrency market capitalization is at $913 billion, ranking it no. 1 overall.

Bitcoin faces the next major support level at $40,000, which could be a pivotal point for a potential reversal of the downtrend. However, if the sellers exert more pressure and push the price below this level, then the next support level at $32,000 could come into play.

On the other hand, if Bitcoin manages to break through the strong resistance at $50,000, it could open the door for a rally towards the next resistance level at $60,000.

In the short term, technical indicators suggest that Bitcoin could continue to trade in a limited range, with the RSI remaining in the neutral zone and the MACD showing signs of a bullish crossover.

Overall, Bitcoin's price trend remains bearish, but the cryptocurrency could recover if it manages to break through the key resistance levels and technical indicators show a clear sign of bullish momentum.

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