Bitcoin price deals with an influx of selling orders on Thursday and toward the end of the Asian session. The recent rejection from slightly above $36,000 saw overhead pressure hover continuously while BTC sort higher support.
When writing, the pioneer cryptocurrency trades at $34,250 while dancing between two critical technical levels; the 50 Simple Moving Average (SMA) support and the 100 SMA resistance in the four-hour timeframe.
The short-term technical outlook is bearish based on the Moving Average Convergence Divergence (MACD) indicator. This technical indicator follows the trend of an asset and calculates its momentum.
Last week, the MACD sent a bullish signal as the 12-day exponential moving average crossed above the 26-day exponential moving average. The bullish outlook was later affirmed by the MACD crossing above the zero line and into the positive region, a situation that saw Bitcoin price lift beyond $36,000.
Meanwhile, a bearish signal has been flashed after the above-moving averages switched positions. Besides, the indicator is heading toward the zero line, which emphasizes the hovering overhead pressure.
Despite the short-term technical picture being bearish, Bitcoin is anticipating numerous support levels, starting with the 50 SMA, holding at $34,000. The In/Out of the Money Around Price (IOMAP) on-chain metric by IntoTheBlock reveals that the region between $33,247 and $34,256 is a substantial support zone.
On the upside, the resistance levels continue to weaken, which means that Bitcoin may eventually lift toward $40,000 in the near term. However, the support levels mentioned must be defended at all costs.
Spot rate: $34,250
Trend: Bearish bias
Volatility: Low
Support: $34,000
Resistance: $36,000
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