Bitcoin Price Analysis: Indicators Point to Bearish Trend
CryptoNewsTerminal Staff31 May, 2024
Bitcoin Price Analysis: Indicators Point to Bearish Trend
Coindesk, a cryptocurrency media outlet, recently analyzed the price of Bitcoin (BTC) and found that several indicators suggest a bearish trend. The 50-day simple moving average (SMA) of BTC has fallen below $65,000, indicating that short-term momentum has shifted to bearish. The 10-day Momentum Index (MI) has also fallen below 0, another sign of bearish momentum. In addition, the MACD histogram, which uses 26-day and 12-day exponential moving averages, has turned negative. All of these indicators suggest that BTC is in a bearish trend. This analysis is consistent with the view of many analysts that the rise in US Treasury yields is causing Bitcoin to fall. As yields rise, investors may be moving money out of riskier assets such as BTC and into safer assets such as bonds.
