Bitcoin struggles to gather momentum to move back above $40,000, sits lower on the day

Author: Justin Low | Category: Cryptocurrency

Not much of a technical reprieve for Bitcoin so far

Bitcoin
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While the declines aren't extending lower this week, upside momentum has also been rather lacking in Bitcoin - at least in any way that matters from a technical perspective.

Getting back above $40,000 is an important psychological win for Bitcoin buyers but they also need to manage a break above the 200-day moving average (blue line) @ $40,505.

Otherwise, those two levels will continue to keep a lid on any material upside move in Bitcoin and keep sellers interested to stick with the downdraft over the past two weeks.

Looking at the near-term chart:

Bitcoin
There is a bit of a base around the $32,000 level which is where buyers seem to be trying to hold a bounce off of. However, sellers are seen around $40,000 and the 200-hour moving average (blue line) so as to prevent buyers from seizing near-term control.

As such, unless price can break above $40,000, buyers are not likely to find much comfort in settling for the slight bounce seen to start the new week.

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