BTC price started the trading session on a lower note and continued to print losses to investors. As looking at the trend of the previous few session, the price is oscillating in a tight range of $40,000 and $37,000 warning traders of aggressive bids. A clear directional bias is still out of the way, but the current price action is skewed in the favour of the bears.
On the daily chart, the BTC price might fall marginally to collect the downside liquidity before rerouting for a higher side. We advised investors to start accumulating in smaller chunks and should avoid any aggressive moves.
The price keep swinging between $40,000 and $37,500 since the beginning of the week. In addition to that, the buyers remain pressured below $48,000, but the downside is capped at the above-mentioned level.
A spike in the buy orders would push the price toward the $40,000 mark. Further, if the buyers could meet out the 50-day ema challenge at $41,600 next will be $45,000.
However, the formation of a strong red candlestick still kept the buyers on the back foot. A shift in the bearish sentiment would result in $37,700 followed by the lows of February 24 at $34,322.05.
BTC has been trading in a medium-term downside trend since the record highs made in November at $69,000.
As of press time, BTC/USD trades at $38,450, down 3.30% for the day. The pioneer cryptocurrency holds the 24-hour trading volume at $27,187,145,681 as updated by CoinMarketCap.
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