BTC price opened the new trading week on a lower note. BTC gained nearly 30% in March. But it looks like the bulls are taking a breather near the higher levels.
- Bitcoin (BTC) price edges lower on the first day of the fresh trading week.
- Expect more downside if breaks below the bullish sloping line.
- Further, vital support is placed at the 200-day EMA on the daily charts.
As of writing, BTC/USD trades at $45,704.88, down 1.57% for the day. The world’s largest and the most famous cryptocurrency by market cap holds the 24-hour trading volumes at $31,765,903,205 as per the CoinMarketCap.
BTC price looks downside
On the daily chart, the Bitcoin price is trading near the crucial support zone of $45,000. A daily close below the level could witness more selling in the asset. The ascending trend line from the lows of $34,322.0 acted as a support for the bulls.
If BTC price breaks the bullish slopping line then it could reverse the prevailing price trend. Further, it would also coincide with the breach of the critical 200-day EMA (Exponential Moving Average) at $44,832.58.
The first downside target could be found at $44,000 followed by the 50-day EMA at $42,714.
On the flip side, a decisive close above the session’s high would invalidate the bearish outlook for the pair. In that scenario, an immediate upside target could be located at the horizontal resistance level of $48,000.
Bitcoin price surged 40% from the February lows and tagged the $48,000 mark for the first time since late December.
Technical indicators:
RSI: The daily Relative Strength Index sliced below the average line indicates a challenge for the bulls.
MACD: The Moving Average Convergence Divergence trades above the mid-line but with a neutral bias.
