Bitcoin price is edging lower on Friday extending the losses from the previous two sessions. BTC is expected to drift further lower to retest the key-support levels as bulls are not willing or convinced to sustain a foothold above $45,000.
- Bitcoin (BTC) retrace back to $40,000 after briefly testing $45,000 on Wednesday.
- BTC recorded losses for the third straight day on Friday.
- Sellers remain active as the largest cryptocurrency failed to sustain the $45,000 mark.
Bitcoin price slides lower on the daily chart
Bitcoin (BTC) is under a long-term downside trend that is confirmed on multiple time frames. Today’s price action is not an exception. Every time the price moves toward upward trajectory sellers came into the picture pushing the asset to form lower lows.
BTC could test the horizontal $36,000 level once BTC/USD produces a daily candlestick below the psychological $40,000. Let’s have a look at a few technical indicators to undertint the upcoming price action:
- RSI: The daily Relative Strength Index formed lower lows since February 9, corresponding to the continuous downfall in the price.
- MACD: The Moving Average Convergence Divergence (MACD) is making effort to trade above the midline but is struggling to make a foothold in positive territory.
- PVT: The Price Volume trend indicator tells about changes in demand and supply of the asset. The volume declines as prices meet the supply zone.
Furthermore, a continued selling pressure would exploit January lows of $32,933.33 below $36,000.
Alternatively, if investors hold the crucial $40,000 mark on a daily closing basis then bulls would attempt to retest March 3 high at $45,426.45. An acceptance above 200-day Exponential Moving Average (EMA) would prompt buyers to capture $50,000.
As of press time, BTC/USD is exchanging hands at $40,286.33, down 5.14% for the day.