It's stay as a hard resistance for now. When BTC price testing the 2022 yearly open price and go up to $48,240.00, there are many traders taking profit. My guess is that the taking profit came from traders who bought at the low 30K level. The crypto market have been in the pumping mode since mid of march, and every pumping follow by correction. Hope you been trading safe and taking profit along the way.
BTCUSD Weekly Chart
High alert cautious on the BTC macro level, because this is the first time on BTC weekly chart that there is a blood diamond. Although it hasn't been confirm yet due to this is a new weekly candle, and still have 4 days to confirm the blood diamond. But... if the blood diamond is confirm on the weekly chart, expecting bear bear market. As of this writing, I'm speculating due to it hasn't been confirm yet and I will stay cautious for the rest of the week. Another scenario is the blood diamond could disappear and BTC continue sideways.
BTCUSD Daily Chart
On this BTC daily chart, the probability of BTC to hit the lower of the ascending channel is high if it continue to trending down. The crypto market yesterday have a relief pump after the CPI was out. The money flow have cross over to below the 0 line. Definitely the market is on volatile mode..
As always this is not a financial advice and it is only my own interpretation on the BTC chart. Stay safe trading & preserve your capital to survive another battle ok? Hope you have a good Wednesday and Cheer.