BTC/USD analysis today: BTC continues to pressure the downside

Bitcoin attempted to rally at the start of the Tuesday session, but it gave back the gains and showed signs of hesitation once again. The area above $40,000 will still be important, because it's a big, round, psychologically significant number, and of course it's an area where we've seen a lot of movement. It looks like this market is trying to do everything, we can build the momentum for a breakout one way or the other, so it's important that we focus on where we go next.
The 50-day moving average is at the $42,000 level and is declining. At this point, the market is likely to see this area as a major barrier. If we break above the 50 day EMA, the market will likely go to the 200 day EMA above, which is around the $44,000 level. The area between the 50 day moving average and the 200 day moving average is likely to be very noisy. For this reason, I expect advances to be viewed with suspicion. Moreover, the market has been consolidating for so long that it is hard to imagine that we will simply move to the upside.
Keep in mind that risk appetite has a huge impact on what happens in the bitcoin market because it is very extreme in the risk appetite. As long as there are concerns around the world, it is hard to imagine a scenario in which people simply start flooding the bitcoin market with money, especially institutional investors. Keep in mind that now that we have institutional money in this market, it will behave pretty much like a more established asset. The days of 20% gains are long gone, so think of it like a traditional market.
Below, the $35,000 level remains a major support line, and if we do break below that level, it will end up in a very negative turn of events. A market crash below that could open a “crypto winter” when all cryptocurrencies will perform very poorly. On the other hand, if we break above the $45,000 level, the market can look to reach the critical $50,000 level, but that will require a massive effort.
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