BTCUSD (Bitcoin) extended its pullback from the 200-day simple moving average (SMA) below the key 45,000 barrier on Wednesday, raising speculation that selling pressures could further grow in the short term.
The momentum indicators endorse the negative momentum in the popular crypto as the MACD has slid beneath its dashed signal line, while the RSI is set to cross below its 50 neutral mark.
The 50-day SMA is nearby at 41,744 and unless it stands firm, the bears could pick up steam towards the 37,500 support zone. Moving lower, the sell-off could then take a breather near January’s and February’s lows around 34,000 before it heads for the 30,000 round-level.
On the upside, a step above the 45,000 mark could push for a break beyond the flattening 200-day SMA at 48,218. If efforts prove successful this time, the price could speed up to 52,000, while higher, another impressive rally could follow up to 58,000.
Summarizing, the latest decline in BTCUSD increased negative risks in the market. Traders could further reduce exposure in the market if the price breaks below its 50-day SMA at 41,746.
