• BTCUSD drops after failing to claim 50-day SMA

• The price extends its series of lower highs and lows

• Momentum indicators are tilted to the downside

BTCUSD (Bitcoin) had been in a slow but steady recovery since its bounce off the two-month bottom of 56,483. However, the rebound faltered and the price reversed back lower following its second unsuccessful attempt to conquer the 50-day simple moving average (SMA).

Should Bitcoin extend its pullback, the March-April support of 59,400 might curb initial downside attempts. Sliding beneath that floor, the price could challenge the two-month low of 56,483. A violation of that zone may set the stage for the February resistance zone of 52,850.

On the flipside, if buying pressures re-emerge, the price might revisit its recent rejection region of 65,500, which overlaps with the 50-day SMA. Conquering that zone, the bulls could attack the April resistance of 67,270. Even higher, the March resistance of 71,750 might prove to be a tough barrier for the price to overcome.

In brief, BTCUSD has been on the retreat again after its second unsuccessful attempt to claim the 50-day SMA, remaining stuck beneath its downward sloping trendline in place since early March. Hence, for the technical picture to improve, the price needs to decisively break above the restrictive trendline.