BTC coin price retests the $45K mark resulting in a descending triangle pattern and increasing the bearish vibe. Will bears overtake trend control?

Key technical points:
<ul>
 	<li style="font-weight: 400">BTC prices have decreased by 2.51% in the past 24 hours.</li>
 	<li style="font-weight: 400">In addition, the price struggles to sustain above the 200-day EMA.</li>
 	<li style="font-weight: 400">Finally, the 24-hour trading volume of Bitcoin is $34.59 Billion, marking an 11.45% fall.</li>
</ul>
<h2>Past Performance of BTC</h2>
The demand surge from the support trendline drove the Bitcoin (BTC) prices higher above the $45 resistance zone. The bullish breakout of the $45K resistance demanded the retest resulting in the short-term triangle formation. The retest phase shows a lower price rejection with the long-tail formation near the 200-day EMA.

<img src="https://s3.tradingview.com/snapshots/5/580WkTiM.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/580WkTiM/">Tradingview</a>
<h2>BTC Technical Analysis </h2>
Since last week, the BTC price remained trapped in a triangle pattern, trying to sustain above the $45K mark. However, long-tail formation reflects the upside breakout possibility as the buyers refuse to give in.

As the Bitcoin prices sustain above the 200-day EMA, the chances of 50 and 100-day EMA crossover increase. Moreover, the chances of EMA regaining the bullish alignment and increasing overall bullish attention.  

RSI Indicator: The RSI slope continues downside from rejection near the overbought boundary and breaks below the 14-day average line. The indicator reflects a bearish divergence as the RSI slope forms a lower low despite the price sustaining at $45K. 

MACD Indicator: The MACD and signal lines give a bearish crossover as the prices face rejection near the resistance trendline. Hence, the indicator lights a strong selling signal.

The BTC technical analysis underlines the bearish continuation possibility as the prices give a second retest of the $45K support zone.
<h2>Upcoming Trend </h2>
BTC coin price faces an urge in selling pressure near the resistance trendline that may shortly result in a downfall below the $45K mark. However, traders must wait for a price action confirmation to avoid a bearish fakeout. 

Support Levels: $45K and $40K

Resistance Levels: $48K and $50K

BTC Technical Analysis: Retest Phase Might Succumb Under $45K

BTC coin price retests the $45K mark resulting in a descending triangle pattern and increasing the bearish vibe. Will bears overtake trend control?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

BTC Technical Analysis: Retest Phase Might Succumb Under $45K

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