Analyst: Bitcoin May Form Double Top Structure, Upward Momentum Weakening
Coindesk analyst Oliver Knight stated that Bitcoin's current trend is similar to 2021 and may form a "double top" structure. Key on-chain indicators include the weekly RSI (RSI is a technical indicator measuring overbought and oversold conditions, with bearish divergence indicating a downward RSI while prices rise), three instances of bearish divergence, low trading volume during breakouts, and a divergence between futures open interest and price. Knight pointed out that despite new price highs, the overall upward momentum has significantly weakened.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Analyst: BTC Weekly MACD Indicates Resurgence of Bullish Momentum
S&P 500 Index falls 0.2%, hitting intraday low
White House: Trump Secures Historic $1.2 Trillion Economic Commitment in Qatar
Whale Sells 197 WBTC On-Chain for $20.44 Million
Trending news
MoreCrypto prices
More
