Bitcoin faces short term downside price action. The first crypto by market cap has been rejected once again as it tries to reclaim the high area around its current levels and could test its next critical support zone.
At the time of writing, Bitcoin trades at $45,500 with a 2% loss in the last 24-hours and the past week. The benchmark crypto experienced a relief rally into these levels, but bulls have been unable to sustain momentum beyond this period.
As Bitcoin trends to the downside, there is around $20 million in bids orders that could operate as support, according to Data from Material Indicators (MI).
As seen below, $44,000 holds the biggest support with $11 million in bids orders. MI records intensive selling from Binance order books, inventors have been dumping as much as $50 million in the last day which has contributed with BTC’s price downside action.
To the upside, resistance seems heavy and could prevent Bitcoin from reclaiming previous highs. MI records over $40 million in asks or selling orders. The increase in selling pressure suggest the bears could take over the price action, at least, in the short term.