Despite the overall momentum remaining mixed, technical indicators on the 4-hour and 1-hour charts suggest the price is in a short-term recovery from the recent decline.
The 50-SMA now acts as dynamic support.
Heightened expectations of potential rate hikes and a more hawkish stance from Federal Reserve policymakers have increased pressure on Bitcoin and other risk assets. Investors are now focused on updates on US-Iran negotiations, upcoming US economic releases, and speeches by several Fed policymakers for new trading cues.