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Bitcoin still under selling pressure

The price of Bitcoin is trading at 48,475.44 at the time of writing. The pressure remains high as the crypto failed to take out a strong resistance level. In the short term, we cannot exclude a deeper drop. Actually, a new downside movement was somehow expected after its rebound. BTC/USD could come back down to test and retest the near-term downside obstacles trying to accumulate more bullish energy or to attract more buyers.

Today, BTC/USD dropped by 5.37%, from 50,839.01 daily high to 48,111 today's low. Being in the seller's territory, Bitcoin could approach and reach new lows.

BTC/USD Vulnerable To Slide Further!

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As you can see on the h4 chart, the price failed to stabilize above the descending pitchfrok's median line (ML) and above the weekly pivot point (50,245.48) signaling that the bulls are exhausted.

The bias remains bearish as long as it stays under the median line which represented a dynamic resistance. Also, its failure to stabilize above the 50,000 psychological level signaled that the sellers are still strong.

BTC/USD Outlook!

Bitcoin could come back down towards 47,111 and 46,201 former lows after being rejected by the median line (ml). This could be only a temporary decline. It's hard to believe that it will come back to reach 41,967.50 lower low. In the short term, it could move sideways before trying to print a new swing higher.

The material has been provided by InstaForex Company - www.instaforex.com

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