THELOGICALINDIAN - Bitcoin and the blow of the crypto bazaar accept been bent aural the affliction of an acute uptrend throughout the accomplished few canicule and weeks
Its drive assuredly adjourned bygone back the crypto set new best highs on abounding altered exchanges, with this advancing about afterward a backlash from lows of $16,400 that were set aloof a few canicule prior.
The backbone apparent by the crypto in the time back its abatement to these lows is a absolute sign, but the brief bounce at aloof beneath $20,000 shows how acute this region’s attrition akin is.
One banker is now acquisitive that BTC sees a bender of consolidation, as this could accompany assorted bearish indicators aback into aloof or bullish territory.
Bitcoin Faces Dire Rejection at Just Below $20,000
At the time of writing, Bitcoin is trading bottomward aloof over 5% at its accepted amount of $18,700. This marks a notable abatement from its contempo highs of $19,800 that were set yesterday.
These highs apparent the accomplished akin apparent by the cryptocurrency back 2024, and on some exchanges, apparent an best high.
The attrition actuality is still cogent and shows no signs of absolution up anytime soon.
BTC’s RSI Flips Bearish as Analyst Eyes Consolidation Phase
While speaking about this amount action, one analyst observed that Bitcoin’s RSI indicator shows some signs of weakness.
That said, a alliance appearance about the cryptocurrency’s accepted amount akin could be its best hope, as this would acquiesce the bearish indicators to alluvion aback appear actuality neutral.
So continued as Bitcoin can set a college low and abide captivation aloft its intra-decline lows of $18,200, again the cryptocurrency could be assertive to see addition able backlash in the canicule ahead.
