Bitcoin Risks Further Downside as Bears Break Below $44,000

The price of Bitcoin (BTC) has fallen to a low of $44,550 during a sideways trend. It is likely that the cryptocurrency asset will retest resistance at $47,000. Here is how the price has performed in recent days. Bitcoin contains between $44,350 and $47,000.

The cryptocurrency will resume its upward momentum if buyers break the resistance at $47,000. The BTC price is moving higher and if the buyers fail to reach their target at the recent high, the market will be rejected. This would force the cryptocurrency to continue its move within the trading range or fall. Today, BTC/USD is in a bullish momentum as the bulls have bought the dips.

Bitcoin indicator reading

Bitcoin has fallen to the 43 level on the Relative Strength Index for period 14. Bitcoin is in the downtrend zone and below the centre line 50. The cryptocurrency is in the position to fall downwards. BTC price has fallen below the moving average, which indicates further downward movement. Bitcoin is below the 50% area of the daily stochastic. The market is in a bearish momentum.

Technical indicators:

Major Resistance Levels - $65,000 and $70,000

Major Support Levels - $40,000 and $35,000

What is the next direction for BTC/USD?

Bitcoin is in a sideways trend as bulls defend support at $44,000. Further downside is unlikely if the bulls defend the current support. The risk is that the cryptocurrency could fall if the bears break below the moving averages. Otherwise, buyers will try to push Bitcoin higher.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.