Bitcoin (BTC) failed to sustain a bounce above $38,000 Wednesday, although short-term buyers could remain active above the $35,000 support level. Momentum is starting to fade on intraday charts, which means the pullback could continue into the trading day in Asia.

BTC was trading at about $37,400 at press time and is down 3% over the past 24 hours.

The relative strength index (RSI) on the daily chart approached overbought territory on Tuesday, which preceded the current pullback . Additionally, the 100-period moving average on the four-hour chart, currently at $38,220, continues to cap brief price gains.

Bitcoin has been in an intermediate-term downtrend since November and has consolidated between $35,000 and $38,000 over the past week. Buyers will need to make a decisive move above $40,000 in order to reverse the downtrend.