- BTCUSD halts its retreat and recoups some losses
- But momentum indicators remain tilted to the downside
BTCUSD (Bitcoin) experienced a strong pullback following its repeated inability to conquer the 71,750 hurdle. Although the price seems to be finding its footing in the last couple of sessions supported by a short-term ascending trendline, near-term risks remain tilted to the downside.
If bearish pressures persist, Bitcoin could revisit its recent support of 64,500. Further declines could then cease at the March deflection point of 60,760. Even lower, the March bottom of 59,313 may act as the next line of defence.
Alternatively, should the price move higher after its recent bounce, the March support of 68,300 could serve as initial resistance. A break above that region could pave the way for the March resistance region of 71,750. Failing to halt there, the price may ascend to retest its all-time high of 73,800.
In brief, BTCUSD appears to have put an end to its latest slide, but it is clearly not out of the woods just yet. That being said, a downside violation of the short-term ascending trendline might accelerate the recent pullback.
