BTC price finds some solace after the two days of the continuous sell-off. After consolidating the price shows an increased selling pressure that pushed it toward the immediate support level.
- BTC’s price manages to sustain to pause the previous sell-off.
- More downside toward $40,000 cannot be ruled out if falls below the 50-day EMA.
- A quick recovery above $45,000 could prematurely send BTC to retest $48,000.
As of publication time, BTC/USD is trading at $43,507.98, up 0.81% for the day. The largest and most famous cryptocurrency by market cap is holding a 24-hour trading volume at $36,769,720,188 according to the CoinMarketCap.
BTC trades sideways
On the daily chart, the BTC price is hovering near the 50-day EMA (Exponential Moving Average) at $43,064.0. This stoppage in the price could be of great significance as it already sliced another critical moving average of the 200-EMA.
Now, if the price failed to sustain the session’s lower levels then it would hit the lows of March 22 at $40,885.19. Further, a sustained buying pressure could find the next support at $37,500.
On the contrary, consolidating near $43,700 could be a key in triggering another leg-up to $45,000. In addition to that, in a more optimistic bullish outlook, BTC’s price could extend and retest its swing highs of $48,124.94.
Now, if the BTC buyers are able to hold the level on a daily closing basis, next they would try to recapture the psychological $50,000.
BTC surged nearly 30% from the lows of $37,500 to the recent swing highs.
Technical indicators:
RSI: The daily Relative Strength Index struggles below the 50 mark after falling below the average line on April 4. This indicates the presence of selling pressure.
MACD: The Moving Average Convergence and Divergence hovers below the midline with an increased downside momentum.
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