The overall picture in the cryptocurrency market looks neutral at this point
Bitcoin price briefly dipped to local lows around $41,500 at the start of the week to turn positive eventually. On Wednesday, the largest cryptocurrency by market capitalization extended gains to one-week highs in the $44,700 area to finish the day around $44,000. However, the coin failed to preserve the upside momentum and came under renewed selling pressure today.
The BTCUSD pair retreated to the $43,300 support zone, a break below which would pave the way towards $43,000, followed by the mentioned lows, strengthened now by the ascending 20-DMA. As such, the short-term outlook for BTC stays relatively upbeat as long as the prices hold above this moving average.
The overall picture in the cryptocurrency market looks neutral at this point, while traditional financial markets struggle for direction on Thursday as investors continue to cautiously monitor developments in geopolitics. Sellers remain in control even after Russia had started pulling back its troops from the Ukraine border. Of note, the West warns that there is a growing Russian military presence at the border. As global equity markets stay in cautious mode, digital currencies refrain from decisive fluctuations as well.
In a wider picture, however, the BTCUSD pair keeps recovering gradually from mid-2021 lows seen below the $33,000 figure last month. The prices have been trending north for the fourth week in a row already, and should the bullish bias persist in the short term, the next resistance could be expected at $46,000, followed by the descending 100-DMA, currently at $47,600.
On the downside, the immediate support arrives at $42,000, followed by the mentioned 20-DMA which is a critical hurdle for BTC bears for the time being.