- Bitcoin prints four-day losing streak, well-set to snap seven-week uptrend.
- Rejection at key resistance breaks support trend line and 21-day SMA to lure BTC sellers.
- Neutral RSI, bearish MACD signals add strength to BTC/USD downside bias.
- Multi-week-old horizontal support area attracts Bitcoin sellers, recovery remains elusive below $112K.
Bitcoin (BTC/USD) trades around $105,000 during its fourth straight day of losses in Friday’s European session, setting up for its first weekly decline in eight weeks.
The drop extends last week’s rejection from a 5.5-month-old ascending resistance line and is supported by a break below the rising trendline from early April and the 21-day Simple Moving Average (SMA). Adding to the bearish sentiment, the 14-day Relative Strength Index (RSI) remains neutral, while the Moving Average Convergence Divergence (MACD) shows clear bearish signals.
BTC/USD: Daily chart signals further downside room
Source: Tradingview
Whether it’s the clear reversal from the upward-sloping resistance line dating back to December 2024 or the break below the seven-week-old ascending trendline and 21-day SMA, Bitcoin sellers find solid justification as the price posts a weekly loss and ends a seven-week winning streak. That said, a near-50 RSI indicates the pullback may continue, while bearish MACD signals reinforce the downside momentum.
BTC/USD now looks poised to challenge a key horizontal support zone between $101,000 and $99,000, formed by multiple levels dating back to early February. Before reaching that area, February’s high near $102,700 could temporarily ease selling pressure. Additionally, the 50-day SMA around $97,800 stands as the bulls’ last stronghold—breaking below it could expose Bitcoin to a deeper fall toward the monthly low near $93,300.
On the flip side, the 21-day SMA at $106,270 limits immediate upside attempts of Bitcoin, followed by the support-turned-resistance line stretched from April, currently near $109,800. Still, BTC bulls are likely to stay cautious until there’s a decisive breakout above the multi-month ascending resistance line around $112K key level. A move beyond that could ignite bullish momentum toward the psychological $120K mark.
BTC/USD: Four-hour chart portrays multiple supports
Source: Tradingview
On the four-hour chart, BTC/USD just crashed out of a strong five-week bullish trend channel and dropped below a key week-old horizontal support, which has now flipped into resistance—triggering fresh selling pressure. Yet, with the RSI flirting near the oversold 30 level and the MACD flashing bearish signals, the BTC downside looks capped for now.
Watch closely as the 200-bar SMA around $102,400 level becomes a crucial short-term lifeline for the BTC/USD price. If it cracks, bears could push Bitcoin toward the $100K mark, with the next targets being the early May swing high near $98,000 and the monthly low around $93,400—key zones where Bitcoin sellers will be eager to strike.
On the flip side, any BTC bounce faces stiff resistance first near the old horizontal support at the $107,000 level, then at the lower edge of the broken bullish channel around $110,000. Push beyond that and the BTC/USD pair bulls will have their eyes on $112K—the daily chart resistance—and the channel’s top near $118,000 before dreaming about breaking the $120,000 psychological barrier.
Bottom line: Bitcoin looks set for more downside action, but oversold signals on the shorter timeframe suggest sellers may soon hit a wall, keeping the risk of a sharp rebound from the key support alive.
