Bitcoin (BTC) price falls for the second straight day with modest losses. Investors are in a state of flux while trading in a short-term trading range of $42k and $45k. Technical indicators are in a neutral stance as the recent upside in prices paused.
Bitcoin (BTC) price continues to slide lower on Thursday.
Expect further downside if the price breaks below the $42k level.
Investors must defend $40k to sustain the short-term uptrend.
As per the latest report, Bitcoin miners are selling off coins due to a cash crunch and need a boost since BTC price has devalued since November. The deprecation in the coin’s value and increased competition prompted Bitcoin miners to offload the stake.
Source: Trading view
On the daily chart, Bitcoin’s (BTC) price has been moving inside the ‘rising wedge’ pattern the range extends from $34k to $45k as it surged 21% from January’s single-day movement. After creating a swing top, BTC/USD has retraced to the reliable support zone.
An acceptance near the 50-day moving average provides the perfect spot for the reverse retracement that could push the asset back to the upper trend trajectory. A sustained buying near the current levels would produce a green candle on the daily chart that would be a sign of the continuation of the ascent from the January lows.
The first upside immediate target could be found at the recent top of $45,855. Next, market participants can expect a jump toward the 200-day SMA at $49,445.64.
On the other hand, a shift in the bullish sentiment could result in the breaking of the crucial support zone of $41,700. A decisive break of $40k shall invalidate the bullish thesis.
RSI: The Daily Relative Strength Index (RSI) has pierced below the average line with a bearish bias.
MACD: The Moving Average Convergence Divergence (MACD) remains neutral above the midline.
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