Today’s Chart: Bitcoin Trading Under Pressure as Losses Continue
Bitcoin price hovers above $86,000 at the time of writing on Wednesday, with sellers gaining control of the cryptocurrency market. The 50-day exponential moving average (EMA), which is trending downward, stands at $94,829, while the 100-day exponential moving average is at $100,415, and the 200-day exponential moving average is at $102,702, indicating a bearish outlook.
The Relative Strength Index (RSI) has fallen to 38, signaling bearish momentum on the daily chart. A sell signal, likely confirmed by the Moving Average Convergence Divergence (MACD) on the same chart, may prompt investors to reduce their exposure, contributing to increased selling pressure.
Traders should watch for the blue MACD line crossing below the red signal line to confirm a sell signal. If the downtrend continues, Bitcoin may retest the $80,600 level, which it tested on November 21.
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Today’s Chart: Bitcoin Trading Under Pressure as Losses Continue
Bitcoin price hovers above $86,000 at the time of writing on Wednesday, with sellers gaining control of the cryptocurrency market. The 50-day exponential moving average (EMA), which is trending downward, stands at $94,829, while the 100-day exponential moving average is at $100,415, and the 200-day exponential moving average is at $102,702, indicating a bearish outlook.
The Relative Strength Index (RSI) has fallen to 38, signaling bearish momentum on the daily chart. A sell signal, likely confirmed by the Moving Average Convergence Divergence (MACD) on the same chart, may prompt investors to reduce their exposure, contributing to increased selling pressure.
Traders should watch for the blue MACD line crossing below the red signal line to confirm a sell signal. If the downtrend continues, Bitcoin may retest the $80,600 level, which it tested on November 21.
Daily chart of the BTC/USDT pair