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? Key technical points: BTC prices have decreased by 2.51% in the past 24 hours. In addition, the price struggles to sustain above the 200-day EMA. Finally, the 24-hour trading volume of Bitcoin is $34.59 Billion, marking an 11.45% fall. Past Performance of BTC 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. Source-Tradingview BTC Technical Analysis 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. MAC...