Bitcoin (BTC) returned closer to $40,000 on Thursday as $44,000 resistance proved too much for bulls to overcome.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBuying another dip
The pair had topped $44,450 on Bitstamp before the retracement kicked in, this seeing local lows of $41,780.
While disappointing for those hoping that the worst of the pullback was over, analysts appeared unsurprised by the move, which they said could resolve via a fresh test of $40,000 support.
— Michaël van de Poppe (@CryptoMichNL) January 14, 2022
Popular trader Pentoshi also appeared to get his wish—BTC “sweeping” lows below $42,000 in what he had previously identified as a prime opportunity for entry. He added that $46,000 could be next.
Looming large, however, was another “death cross” chart construction on BTC/USD, a classic signal warning of bearish