Bitcoin has been dropping impulsively in the past couple of weeks after being rejected from the 200-day moving average. This level has historically acted as a strong resistance during previous bear markets, and the price failing to break back above it may be considered a bad sign.
The price has also broken below the 50-day and 100-day moving averages and is currently retesting them from below. These levels printed a bullish crossover last week, but the overwhelming bearish momentum has led to both being broken to the downside.
If the price fails to break back above them, a retest of the $36K area in the short term would be more probable. On the other hand, if the price could break back above, the $47K supply zone and the 200-day moving average remain significant resistance levels.
On the 4-hour time frame, it is evident that the price failed to hold above the short-term support lev