Bitcoin price holds above $44k as bulls seek fresh momentum

The crypto marketplace is looking to crook affirmative aft a little downturn saw BTC driblet beneath $44k

BTC terms reached a 24-hour debased of $43,965, concisely breaking beneath a large enactment enactment provided by the 100 elemental moving mean connected the 4-hour chart. The large cryptocurrency had seen its terms gaffe from a 24-hour precocious of $45,923, with the wide sell-off putting unit connected bulls arsenic they battled to support an wide bullish outlook intact.

As seen connected the illustration below, BTC/USD failed to rally supra the trendline support, a level beneath which prices person breached since the downturn from highs of $46,000. The breakdown has present turned the important ascending trendline into a caller absorption zone.

Bulls are bidding to trial the obstruction again aft an earlier rejection resulted successful the diminution beneath $44,000. Although wide sentiment is heavy negative, a palmy breakout supra $44,500 could spot buyers question a decent bounce supra $45,000. If BTC remains good bid here, bulls volition people caller enactment astir the $46,000 people and astir apt look to trial the play precocious of $47,862. 

BTC/USD 4-hour chart. Source: TradingView

Technical indicators, however, suggest Bitcoin mightiness yet spot a abbreviated word bearish flip. The 4-hour Relative Strength Index (RSI) is trending beneath the 50 people and the Moving Average Convergence Divergence (MACD) is successful the antagonistic portion aft a bearish crossover.

If Bitcoin drops towards lows of $44,000 again, a palmy interruption beneath the 100 SMA ($44,052) could telephone for accrued sell-side pressure. In this case, BTC/USD volition hazard further losses to the horizontal enactment astir $42,600. If this happens, there's a precocious accidental of an extended dip towards $40,000.

At clip of writing, Bitcoin terms is trading astir $44,770, little than 1% down connected its 24-hour opening terms but 2.3% successful the reddish connected its play open. Despite these losses, Bitcoin terms is much than 40% successful the greenish this past period and implicit 270% successful nett successful the past year.