Technical analysis reveals a bearish trend
- Moving Averages: The 5-day, 20-day, and 50-day moving averages are above the current price, indicating a sell signal. However, the 200-day moving average is below the current price, suggesting a long-term buy signal.
- MACD: The Moving Average Convergence Divergence (MACD) is at -935.25, reinforcing the bearish sentiment.
- RSI: The Relative Strength Index (RSI) is at 45.36, placing it in the neutral zone.
Chart patterns indicate a double top formation, with key support levels at $80,400 and $74,000, and resistance levels at $98,500 and $106,000.
Market sentiment has shifted towards extreme fear, influenced by broader market selloffs and geopolitical risks.
In summary, Bitcoin is currently exhibiting bearish signals, with critical support levels to monitor at $80,400 and $74,000. Investors should exercise caution and consider these technical indicators when making trading decisions.
