Analyst: Bitcoin May Experience a Pullback to Test the $100,000 Support Level
According to a report by Jinse Finance, Coindesk analyst Omkar Godbole stated that the technical indicator 30-day Rate of Change (ROC), used to measure the price fluctuations of Bitcoin over the past month, has shown a bearish divergence signal, indicating weakening momentum. Additionally, the MACD histogram on the daily chart (a widely used indicator for measuring trend strength and changes) has turned negative, suggesting a bearish momentum shift. These signals imply that Bitcoin may break below the current ascending channel or retest the critical $100,000 support level. Nevertheless, the overall trend remains positive, consistent with the recent golden cross formation of the 50-day and 200-day Simple Moving Averages (SMA).
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.
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