HomeContributorsTechnical AnalysisBTCUSD Retreats After Unsuccessful Test of 50-SMA

BTCUSD Retreats After Unsuccessful Test of 50-SMA

  • BTCUSD regains ground in the halving aftermath
  • But the price gets rejected at the 50-day SMA
  • Momentum indicators are tilted to the downside

BTCUSD (Bitcoin) had been in a slow but steady recovery after the completion of the halving event on April 19, erasing a significant part of its recent slump. However, the rebound appears to be on pause for now following the price’s inability to conquer the 50-day simple moving average (SMA).Should Bitcoin reverse lower, the March support of 62,500 might curb initial downside attempts. Sliding beneath that floor, the price could challenge 60,760 ahead of 59,313, both of which have provided support during March. A violation of the latter may set the stage for the February resistance zone of 52,850.

On the flipside, if buying pressures re-emerge, the price might revisit its recent resistance of 67,270, which overlaps with the 50-day SMA. Conquering that zone, the bulls might attack 69,000, a level that acted both as support and resistance in recent months. A break above that region could pave the way for the March resistance of 71,750.

In brief, BTCUSD has been on the retreat after its recent rejection at the 50-day SMA. Can the bulls strike back?

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