BTCUSD (Bitcoin) has been declining in the short-term after its advance paused at the 48,350 region. Nevertheless, the largest cryptocurrency by market capitalization has been trading sideways in the past few sessions, with its technical picture providing mixed signals.
The short-term oscillators suggest a cautiously positive near-term bias. Specifically, the MACD histogram has jumped above its red signal line but remains in the negative region, while the RSI’s ascent failed to cross beyond the 50-neutral mark.
Should positive momentum intensify, the price could edge higher towards the 50-day simple moving average (SMA), currently at 42,000. A successful break above this region would turn the attention to the 45,800 barrier before the 2022 peak of 48,350 appears on the radar. Higher, the bulls might aim for the December resistance zone of 52,000.
Alternatively, if negative pressure arises the critical support region of 37,500 could be the initial point of support. Diving beneath this region, the February low of 34,500 may arrest any further declines. Failing to halt there, the price might descend towards the 2022 low of 32,950.
Overall, BTCUSD has been rangebound in the last two weeks, appearing unable to adopt a clear direction. Therefore, a break above the 42,000 region could ignite further buying interest, while a dive beneath 37,500 would signal the resumption of the cryptocurrency’s short-term downtrend.
