Bitcoin has been falling sharply since breaking below $6000 but has slowed down just above $3000, finding support around $3125. In the 4H chart below we can see the transition from sharply bearish to more a neutral-bearish dynamic.
BTCUSD 4H Chart
Bulls in Short-term Control:
While the overall market remains, btc bulls are in control in the short-term.
We saw price push above the 200-, 100-, and 50-period simple moving averages (SMA) in the 4H chart.
The RSI has pushed above 70, and is now holding above 40.
These signs suggest we might see another bullish push towards a previous resistance around $4425.
So, while I still think there is downside to $3000 or even lower, I think the short-term bulls can pull price up to $4425 before capitulating further.