Bitcoin (BTC) price paused the previous three days of losses on Saturday. The price trades in a tight range with no meaningful price action. Bitcoin price rallied 25% since February 3 testing a critical resistance barrier. However, this uptrend failed to sustain after a second attempt, leading to a downswing.
- Bitcoin (BTC) price trades modestly lower on Saturday.
- The downside risk paused near the reliable support at $39,481 making bulls hopeful.
- BTC could retest January’s lows of $32,933.33.
According to on-chain analytics firm Glassnode shows that despite price volatility, over 60% of the BTC supply has not left its wallet in a year. Furthermore, major exchange Binance order book activity showed “rugs” of support disappearing above $40,000 immediately before Friday’s dip to two-week lows.
Bitcoin looks for reversal on the daily chart
Bitcoin price action lost 50% from all-time highs of $69000 made on November 10. Later on, a short-term consolidation started in late January rallied exponentially from February 3, hitting a critical resistance barrier. However, BTC bulls lack the conviction to sustain this time uptrend after this attempt, leading to the current retracement.
A spike in the sell order BTC/USD might restest the daily demand zone, which is placed near the $36000 level followed by the lows of January 24 low of $32,933.33.
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On the flip side, with a renewed buying pressure above the 50-day Simple Moving Average (SMA) the price could jump toward the highs of $45,000.
Next, market participants would keep their eyes on the critical 200-day Simple Moving Average (SMA) at $49,916.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) trades at 43 with a negative bias.
MACD: The Moving Average Convergence Divergence (MACD) holds above the midline but with receding bullish momentum.
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