Opinion: Multiple technical indicators suggest that Bitcoin's short-term top has arrived

BlockBeats News, August 29, according to analyst @ali_charts, multiple technical indicators for Bitcoin suggest that a short-term top has been reached:

1. RSI Divergence: Although the price continues to hit new highs, the RSI keeps making new lows. This divergence is similar to the trend from April to November 2021, indicating the end of this cycle.

2. MACD Bearish Crossover: This week, the MACD turned bearish, which aligns with the price decline and increases downside risk.

3. MVRV Momentum: The Bitcoin MVRV momentum indicator recently experienced a "death cross," signaling that macro momentum will reverse from positive to negative. Historically, this has been a reliable cyclical top warning signal.

Key Support Level: $108,700 is currently the level to watch. If the weekly closing price falls below this level, it will confirm a deeper trend reversal. Further down, $104,500 is the first on-chain accumulation support. $97,000 is the main historical demand zone. $60,000, if the trend fully unwinds, will be the ultimate deep support.

@ali_charts states that bullish arguments require two key validations:

$108,700 as a support level.

A golden cross reappearing on the MVRV momentum indicator.