Sign Up on MEXC
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.
Bitcoin price defends critical 50-day SMA
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.
Technical indicators:
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.
- XRP Whales Dump 40M Coins Despite ETF Anticipation, Here’s Why
- Ethena Labs Exits Hyperliquid USDH Bid as Polymarket Traders Back Native Markets
- Save the Planet & Win Big: Chimpzee’s Charity Tickets Change the Game
- Economists Predicts 25bp Fed Rate Cut Over 50bp, Expects Additional Cut Before Year-End
- Gemini IPO News: GEMI Stock Set for Blockbuster Nasdaq Debut on Multiple Catalysts
- SHIB Price Forecast as LEASH V2 Rollout Expands Cross-Chain — Is a 200% Rally Ahead?
- BNB Price Forecast as Binance–Franklin Templeton Deal Strengthens Path to $1,500
- Pi Network Price Wyckoff Theory Signals a Surge as One Whale Keeps Buying
- ETH Price Prediction As Bitmine and SharpLink Continue ETH Buying Spree- Analyst Predicts $7K Next
- AVAX Price Prediction as Avalanche $1B Treasury Gains Momentum – Is $55 in Sight?
