The price of BTC is heading towards USD 44,000.

The pair had spent the previous day looking for new local highs near USD 47,000, but eventually gained major resistance at that level, and volume could not sustain the bulls' cause.

"Slight weakness in the recent breakout implying potential exhaustion in the race," warned Cointelegraph contributor Michaël van de Poppe at the time.

In his latest YouTube update, van de Poppe assessed the chances of a more fundamental correction setup for Bitcoin.

"At this point, I think most expect USD 48,000 to be reached before we pull back," he said, echoing Wednesday's predictions.

On the major Binance exchange, buyer support was well above USD 42,000, with the considerable wall of selling still in place at USD 47,000.

The golden crossover is still in force

Meanwhile, even Thursday's modest drop would not be enough to prevent a potentially bullish event on Friday's daily chart: "golden cross".

As noted by analyst and trader Rekt Capital, the traditionally positive golden crossover was still on its way to Friday. It involves the crossover of the 50-day moving average above the 200-day moving average.

"This BTC drop is not enough to divert the next Golden Cross," he tweeted, adding that the BTC/USD pair should still hold USD 45,200 as support to continue its "bullish bias."

Some golden crosses, on the contrary, have experienced subsequent price corrections.