- Bitcoin wavers in a range above $45,000, keeps monthly support line breakdown while trying to defend 21-day SMA.
- Downward sloping RSI, receding MACD strength join sustained trading below short-term support line, now resistance to favor sellers.
- 50-day SMA, ascending trend line from December 11 favor will offer strong support.
- Bulls should wait for successful run-up past-$50,000 for fresh entry.
Bitcoin bulls lick their wounds below $50,000, currently around $48,400 while trying to tame the downside break of a short-term key support line, now resistance, during early Wednesday.
In doing so, the quote tries to justify its bounce-off 21-day SMA but the downward sloping RSI line and receding strength of the MACD signals suggest further challenges for the crypto optimists.
As a result, a clear break below the 21-day SMA level of $47,290 will direct short-term BTC/USD sellers toward 50-day SMA, currently around $40,250. However, any further weakness will be tamed by a 10-week-old support line, at $35,900.
In a case where the crypto major fails to bounce off the key support line, odds of its drop to the monthly low near $32,000 can’t be ruled out.
Alternatively, corrective pullback beyond the previous support line, at $49,700 now, will have to cross the $50,000 hurdle to recall the BTC/USD buyers.
Following that the latest high of $58,355 can offer an intermediate halt ahead of directing the run-up to the $60,000 round-figure.
To sum up, Bitcoin’s latest pullback is likely to extend but the bulls aren’t out of the woods.
BTC/USD daily chart
Trend: Further weakness expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
EOS 22% pump steals the show unveiling Vaulta’s web3 banking ecosystem
EOS, the token behind the recently rebranded Vaulta network, has increased by a staggering 22% in the last 24 hours.
Curve DAO Price Forecast: CRV bulls could aim for double-digit gains above key resistance
Curve DAO (CRV) price is in the green, up 8%, trading above $0.53 on Thursday after rallying nearly 15% so far this week.
Bitcoin price reacts as Gold sets fresh record highs after Trump’s reciprocal tariffs announcement
Bitcoin price plunges towards $82,000 as Gold soars past $3,150 after US President Donald Trump imposed new tariffs on Israel and UK, triggering global markets turbulence.
Bitcoin and top altcoins slide as Trump kicks off reciprocal tariffs
Bitcoin (BTC) and the entire crypto market saw a quick correction on Wednesday following President Donald Trump's reciprocal tariff announcements based on half of each country's respective rates.
Bitcoin: BTC remains calm before a storm
Bitcoin's price has been consolidating between $85,000 and $88,000 this week. A K33 report explains how the markets are relatively calm and shaping up for volatility as traders absorb the tariff announcements. PlanB’s S2F model shows that Bitcoin looks extremely undervalued compared to Gold and the housing market.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.