Bitcoin price is edging lower on Friday extending the losses from the previous two sessions. BTC is expected to drift further lower to retest the key-support levels as bulls are not willing or convinced to sustain a foothold above $45,000.
Bitcoin (BTC) is under a long-term downside trend that is confirmed on multiple time frames. Today’s price action is not an exception. Every time the price moves toward upward trajectory sellers came into the picture pushing the asset to form lower lows.
BTC could test the horizontal $36,000 level once BTC/USD produces a daily candlestick below the psychological $40,000. Let’s have a look at a few technical indicators to undertint the upcoming price action:
Furthermore, a continued selling pressure would exploit January lows of $32,933.33 below $36,000.
Alternatively, if investors hold the crucial $40,000 mark on a daily closing basis then bulls would attempt to retest March 3 high at $45,426.45. An acceptance above 200-day Exponential Moving Average (EMA) would prompt buyers to capture $50,000.
As of press time, BTC/USD is exchanging hands at $40,286.33, down 5.14% for the day.
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