Technical analysis by FOREXcom about Symbol BTC on 19 hour ago

Bitcoin continues to trade under clear downside pressure after breaking beneath its long-standing ascending trendline in November. The recent rebound attempt stalled near the underside of that same trendline—now acting as dynamic resistance—and price has since rotated lower again. The broader structure shifted bearish once price fell below the 50-day SMA and 200-day SMA, both of which are now flattening or turning lower. This places the market in a momentum-cooling environment where sellers remain in control unless a sustained recovery develops above key moving averages. The chart also highlights confluence around the 38.2% Fibonacci retracement level drawn from the major swing low, which sits near the latest reaction zone. The initial bounce from this area shows that participants are aware of the level, though the follow-through remains limited for now. Momentum indicators reflect persistent weakness. The MACD remains in negative territory, with both signal lines tracking below zero and only modest signs of stabilization. RSI recently dipped into the 30-zone before attempting to lift, indicating oversold conditions were tested but broader momentum has not convincingly recovered. Overall, the chart continues to lean bearish as long as the market holds below the broken trendline and the major moving averages. Price behavior around the Fibonacci region will be an important gauge of whether this decline matures into a deeper corrective phase or begins to base out. -MW