Bitcoin Price Analysis: BTC prints five-day downtrend as sellers tighten grip below 34,000
- BTC/USD keeps its first downside break of 10-day SMA.
- MACD turns most bearish in over a month.
- 21-day SMA, one-month-old support line probe bears targeting the sub-30,000 area.
BTC/USD stays on the back foot around 33,800 during early Wednesday’s trading. The crypto major pair dropped below the 10-day SMA on Tuesday while flashing the most bearish MACD signs since early December, which in turn favor sellers as the quote declines for the fifth consecutive day.
That said, BTC/USD sellers are currently targeting 21-day SMA near 32,000 ahead of an upward sloping trend line from December 15, at 30,970 now.
However, any further weakness below the key support line will make the BTC/USD prices vulnerable to revisit the early December tops around 24,300.
On the upside, a clear break above 10-day SMA, at 36,460 now, can renew upside momentum targeting the 40,000 round-figure before directing the BTC/USD bulls to the recently flashed record high of 41,987.
During the quote’s sustained run-up beyond the latest peak, bitcoin buyers may eye the 50,000 threshold.
Overall, BTC/USD eyes short-term key supports while consolidating recent gains. However, the overall bullish trend can’t be turned down.
BTC/USD daily chart
Trend: Further weakness expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
