BTC/USD – Daily Chart
Today, Bitcoin has resumed marginal trading above the $42,000 support. The crypto has been trading below the moving averages which makes it possible for the bears to have the upper hand. For instance, if Bitcoin falls to the $40,000 support and the bears break below the psychological price level. The market will decline to the low of $37,000 low. All the price indicators are pointing to the previous low if the selling pressure resumes. However, buyers are buying time as the crypto holds above $40,000 support and makes a range-bound move. The Relative Strength Index period 14 is at level 42. It indicates that Bitcoin is in the downtrend zone and capable of falling on the downsides.
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