- Bitcoin price hits weekly low in four-day slide as sellers test 50-day SMA.
- Neutral RSI, bearish MACD signals hint at more BTC/USD losses, but seven-week uptrend line challenges bears.
- Impending “bear cross” on 4-hour chart, month-old support, and oversold RSI spark BTC seller interest.
Bitcoin (BTC/USD) price drops for the fourth consecutive day, nearing the weekly low during Friday’s European session, as sellers remain active around $104,000. However, the 50-day Simple Moving Average (SMA) poses a key challenge to bearish momentum.
In addition to the 50-day SMA, an upward-sloping trend line support from late April and the 14-day Relative Strength Index (RSI) hovering near the 50.00 level also test the strength of BTC/USD sellers.
This comes despite bearish signals from the Moving Average Convergence and Divergence (MACD) indicator. Also notable is the impending “bear cross” formation on the four-hour chart, which could further influence bearish sentiment.
BTC/USD: Daily chart signals key test for Bitcoin sellers
Source: Tradingview
Bitcoin (BTC/USD) sellers take cues from bearish MACD signals, having earlier tested the 50-day SMA support at $103,200. However, the RSI hovering near the 50.00 mark, along with the nearby seven-week-old ascending trendline support around $102,000 (as of press time), suggests that bears may need a strong catalyst to retake control.
A decisive break below the $102,000 support could accelerate the BTC/USD pair’s decline toward the 200-day SMA, currently seen around $95,580. Before that, the psychological $100,000 level may act as a temporary buffer.
Should the pair fall below the 200-day SMA, focus would shift to a horizontal support zone defined by levels from January, March, and April—located between $89,100 and $88,500.
On the flip side, if BTC rebounds, it may first aim for the early June swing high near $107,000, followed by the weekly high around $110,400. However, an upward-sloping trendline from mid-December 2024—seen near $112,700 at press time—will likely serve as a tough resistance barrier for buyers attempting to push beyond $110,400.
BTC/USD: Four-Hour chart
Source: Tradingview
On the four-hour chart, Bitcoin sellers gain additional support from an impending “Bear Cross,” alongside bearish signals from the MACD indicator. A “Bear Cross” occurs when a shorter-term SMA crosses below a longer-term SMA, signaling potential bearish momentum.
However, oversold conditions in the RSI appear to have played a role in triggering a rebound in BTC/USD, with the price now approaching the convergence of the 100-bar SMA and 200-bar SMA near the $106,000 level.
If BTC manages to hold above $106,000, the anticipated “Bear Cross” may be invalidated, potentially opening the door for a rally toward a three-week-old descending resistance line around $110,400. Beyond that, the resistance levels highlighted on the daily chart will come into focus.
On the flip side, if BTC/USD resumes its decline, the pair may first target a five-week-old horizontal support zone between $100,800 and $100,400, followed by the key psychological level of $100,000.
Should the price break below the $100,000 mark, a deeper pullback toward the daily chart’s lower support levels becomes increasingly likely.
Overall, BTC/USD is showing signs of fading upside momentum, but sellers still require a strong catalyst to regain decisive control.
