- The Bitcoin market has seen a resurgence of bearish sentiment.
- Currently, the price of BTC fluctuates between $16,993.83 and $17,725.88.
- The bear run, according to technical indicators, isn’t done yet.
Bitcoin (BTC) has just hit a new monthly high of $18,318.53. Following this surge, investors expected the dominant digital currency to continue its stratospheric climb. When Bitcoin (BTC) hit resistance, bears swarmed in and knocked the price down to $17,364.86 at market close.
As of press time, BTC was worth $17,038.19, a 3.74% decrease from its intraday high of $17,725.88.
Both market capitalization and 24-hour trading volume fell by 3.71% to $327,691,416,819, and 12.71% to $22,658,484,894, correspondingly, contributing to this loss.
A price below the McGinley dynamic indicator and an RSI below 50 indicate a sell for this asset. According to the Bitcoin price chart’s RSI value of 34.99, selling pressure appears to be greater than purchasing pressure. This hypothesis gains support as the McGinley Dynamic (17426.37) rises above the price movement.
On the Vortex Indicator, the trend is up when the uptrend line (VI+) is higher than the downtrend line (VI-) and down when -VI is higher than +VI. With readings of 0.7583 (blue) and 1.0942 (red), the uptrend line has crossed below the downtrend line, indicating a bearish trend. This pattern indicates that bear power is increasing, alerting traders to the possibility of a slump.
With a level of 8.63, the MACD blue line has crossed below the signal line (bearish crossover), indicating escalating bearish momentum. The histogram’s trend into negative territory lends support to this transition.
As the stochastic RSI line is moving into the overbought zone with a reading of 8.56, investors’ expectations are heightened that the current trend may be coming to an end. However, this should only be seen as a warning and not as a guarantee of a pricing turnaround.
The digital currency may witness a positive turnaround if the bulls can retain their grip on the resistance level despite various signs signaling a likely continuation of bearishness.
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