• BTC/USD continues to be under pressure near key short-term support after three weeks of declines.
  • Bear cross, pessimistic oscillator gives sellers hope for 61.8% Fibonacci retracement level.
  • The five-week uptrend line support may test near the short level.
  • Even as Kiev-Moscow agrees to peace talks, Russia’s nuclear arsenal remains on high alert.

Bitcoin/USD fluctuated around $36,700 in late Sunday trading, following three consecutive weeks of declines.

In doing so, Bitcoin rounds up to the 61.8% Fibonacci retracement (Fibo.) of its late-January to Feb. 10 quotes.

However, the downside break of the 50-SMA against the 200-SMA, known as a bearish crossover, joins the pessimistic RSI line and bearish MACD signal, suggesting further downside for the cryptocurrency major.

That said, a three-week horizontal support level of about $36,300 may limit the immediate downside of the BTC/USD pair ahead of the upward sloping trendline from January 24 (near $34,500 at press time).

After that, a low near $32,950 in late January will be in focus.

Alternatively, a recovery move would need to provide a decisive break above the 200 SMA level at $40,043 to push back the short-term sellers.

Even so, BTC / USD bulls will remain cautious until the pair stays below its downtrend line from February 10, which is close to $42,000 at press time.

READ: Risk Aversion Begins This Week: Russia's Putin Puts Nuclear Deterrent on High Alert

BTC/USD: four-hour chart

Trend: Focus on further weakness