Bitcoin Turns Lower From Bearish Trendline, Support at $35.5K
Sellers look to regain control after bulls' failure to break through technical resistance.
Updated May 11, 2023 at 4:38 p.m. UTC
![Two-month long bearish trendline caps upside in bitcoin. (Source: TradingView)](https://www.coindesk.com/resizer/Ne5hUGXFGC081UYK3lrF4ROjL1s=/567x295/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/NSRQZTVDIVB4DCAWBW7FNFRCUY.png)
Bitcoin failed to penetrate critical technical resistance earlier this week and is now staring at a support level of $35,500.
- Prices dropped 4.6% on Wednesday after buyers failed to push through the trendline connecting highs reached in November and January.
- The top cryptocurrency was changing hands near $36,400 at press time, representing a 1.3% drop on the day.
- The reversal lower from the bearish trendline in the wake of below-50 or bearish readings on the daily and the four-hour chart relative strength index indicate an end of the corrective bounce and resumption of the broader downtrend.
- Support is seen at $35,500 – the horizontal line on the four-hour chart – followed by next support level of $32,933, the low reached on Jan. 24.
- A convincing UTC close above the two and a half-month downtrend line is needed to invalidate the immediate bearish bias.