Bitcoin (BTC<\/a>) returned closer to $40,000 on Thursday as $44,000 resistance proved too much for bulls to overcome.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0showed BTC\/USD shedding around 4% in 24 hours on Jan. 14.<\/p>\n The pair had topped $44,450 on Bitstamp before the retracement kicked in, this seeing local lows of $41,780.<\/p>\n While disappointing for those hoping that the worst of the pullback was over, analysts appeared unsurprised by the move, which they said could resolve via a fresh test of $40,000 support.<\/p>\n Pretty much the path for #Bitcoin<\/a>. pic.twitter.com\/VY0BkTXYOM<\/a><\/p>\n \u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) January 14, 2022<\/a><\/p><\/blockquote>\n Popular trader Pentoshi also appeared to get his wish\u2014BTC “sweeping” lows below $42,000 in what he had previously identified<\/a> as a prime opportunity for entry. He added that $46,000 could be next.<\/p>\n Looming large, however, was another “death cross” chart construction on BTC\/USD, a classic signal warning of bearish conditions.<\/p>\n As Cointelegraph previously reported, a death cross occurs<\/a> when the declining 50-day moving average crosses under the 200-day moving average. The feature is somewhat rare but has not always resulted<\/a> in bearish behavior thereafter.<\/p>\n Looking ahead, analysts at trading suite Decentrader remained bullish on mid-term price action, acknowledging that another dip into the $30,000\u2013$40,000 range may yet occur.<\/p>\n Related:\u00a0Top or bottom? Traders at odds over whether Bitcoin will keep rising<\/a><\/em><\/strong><\/p>\n The two-month downtrend from early December was ripe for disruption, they argued<\/a> in a market update issued Jan. 14, and the upside was “likely” over a cascade lower.<\/p>\n “It is our view that we may need to see some further ranging between $44,000 and potentially $38,000 before an eventual breakout.\u00a0This ranging is likely to cause more pain and misery for any traders who try to impatiently front-run major moves before they are ready,” the update summarized. <\/p>\n Encouraging, Decentrader added<\/a>, was funding rates slowly becoming more consistently negative as sentiment finally flipped to expecting further downside<\/a> \u2014 healthy conditions for a squeeze to the upside.<\/p>\n “Given the current fundamentals of Bitcoin and the size and consistency of the downtrend over the past two months, we do believe that a move out of the range to the upside is the most probable outcome eventually.”<\/p><\/blockquote>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-01\/7332acef-6f72-44e0-864e-bb026eb9883c.png\")
Buying another dip<\/h2>\n
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![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-01\/b250898d-8de1-4e5a-90af-1547bdbbda68.png\")
Upside conclusion still on the cards<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-01\/a375339e-65c2-41a6-a7fd-a59324129fc4.png\")