Bitcoin has bounced to trade at around $49,000 zone after dropping to $42,000 last week, but key indicators show a bearish momentum.
The price movement has turned the $44,275 as the new support area, which is a 0.618 Fibonacci retracement and a horizontal level.
The prior breakout area at $59,800 has become a deviation since the BTCUSD did not hold steady above the horizontal support-resistance level.
The Moving Average Convergence Divergence indicator shows a bearish momentum. MACD, which factors the long-term and near-term moving averages, is negative and decreasing.
The RSI momentum indicator is under 50 and has not reclaimed the 50-line and confirmed it as a resistance, still pointing to bearish momentum.
The six-hour chart’s short-term price movements indicate that Bitcoin is trading within a descending parallel channel, and a continuation could mean a bullish momentum.