Bitcoin must reclaim support above the 50 SMA to allow bulls to shift the focus to $52,000.
The MACD indicator has turned bearish, adding weight to the overhead pressure.
Bitcoin temporally stepped above $50,000 on Monday , but bulls lost steam immediately, leaving open-air to be explored by the bears. Higher support has also become elusive, though the flagship cryptocurrency is dancing between two key levels.
Trading above the upper limit could trigger an upswing towards $58,000. On the other hand, action under the lower limit opens Pandora’s box as bears rush in to push for losses eyeing $42,000.
In the meantime, BTC is exchanging hands slightly under $48,000 in the wake of losing support at the 50 Simple Moving Average (SMA) on the 4-hour chart. The short-term technical analysis reveals that selling pressure will continue to expand in the near-term.
Support is forecasted at $46,000, an area that has functioned as an anchor before. However, if the bearish momentum slices through it, the bellwether cryptocurrency will stretch the losses toward $42,000.
BTC/USD 4-hour chart
BTC/USD price chart by Tradingview
The bearish narrative is confirmed by the Moving Average Convergence Divergence (MACD). Over the last few days, the indicator had flipped bullish, reflecting the liftoff to $50,000. However, Bitcoin bulls lost steam, paving the way for an ongoing retreat. If the MACD line (blue) goes ahead to cross below the signal line, it will signify intense selling pressure.
It is worth mentioning that Bitcoin will avoid the breakdown to $42,000 if it reclaims the position above $48,000 and by association the 50 Simple Moving Average (SMA). If the losses progress from the prevailing price level, $46,000 may allow more buyers to enter the market, boosting BTC above $50,000 and toward $50,000.
Bitcoin intraday levels
Spot rate: $47,900
Relative change: -1,740
Relative change: -3.5\%
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