- BTCUSD bounces off 2024 low and reclaims 40,000
- But price dips back below 50-day SMA after advance pauses
- Momentum indicators suggest weakening buying pressures
BTCUSD (Bitcoin) experienced a strong decline from its recent two-year peak of 49,051, dropping to as low as 38,460. Despite the price’s attempt for recovery, a new round of weakness has begun, with Bitcoin dropping below the 50-day simple moving average (SMA) following a rejection near 43,850.
If the slide resumes, the inside swing low of 41,420 could act as the first line of defence. In case of a downside violation, the price may face the December support of 40,175. Further declines might encounter strong support at the 2024 bottom of 38,460.
Alternatively, should bearish pressures abate, Bitcoin could surge towards the recent rejection region of 43,850. Conquering this barricade, the bulls might attack the December high of 44,725. A jump above the latter could shift the spotlight to 45,912.
In brief, BTCUSD has been losing ground in the near-term after its rebound met strong resistance. Nevertheless, a break above the 50-day SMA could revive the bulls’ hopes for a sustained recovery.
