• Home
  • Contact Us
  • Privacy & Policy
Wednesday, May 25, 2022
Finances Advise
No Result
View All Result
  • Home
  • Business
  • Commodities
  • Crypto News
    • Block chain
    • Bitcoin
    • Ethereum
    • Litecoin
  • Finance
    • Financial Advisors
    • Personal Finance
    • Market Insider
  • Forex
  • Investing
  • Stocks
  • ICOs
  • Trading
  • Home
  • Business
  • Commodities
  • Crypto News
    • Block chain
    • Bitcoin
    • Ethereum
    • Litecoin
  • Finance
    • Financial Advisors
    • Personal Finance
    • Market Insider
  • Forex
  • Investing
  • Stocks
  • ICOs
  • Trading
No Result
View All Result
Finances Advise
No Result
View All Result
Home Crypto News Bitcoin

Bearish Divergence Flashes Warning for Bitcoin as Price Nears $60,000 | Bitcoinist.com

by admin
March 22, 2021
in Bitcoin
0
153
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter




A widely traced technical indicator in the Bitcoin market is signaling bullish exhaustion as the cryptocurrency flirts with $60,000.

The 14-day Relative Strength Indicator (RSI), which alters traders about Bitcoin’s oversold and overbought conditions, has formed lower highs so far in 2021, decoupling from the cryptocurrency’s relentless uptrend, which is forming higher highs as the quarterly session matures.

The divergence between Bitcoin’s price and its momentum indicator indicates fatigue among bulls. It has created opportunities for bears to take over, thus raising the prospects of the cryptocurrency’s direction change from an uptrend to a downtrend.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin price and RSI move in opposite directions. Source: BTCUSD on TradingView.com

Supportive Bitcoin Fractals

Historical fractals support a bearish theory.

For instance, a bearish divergence between Bitcoin’s price and RSI lead to a downside correction in February 2017 and August 2017. In 2019 also, the cryptocurrency peaked near $13,868 while its momentum oscillator declined on the weekly chart. The price fell to below $4,000 by December the same year.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Bearish Divergence in recent history. Source: BTCUSD on TradingView.com

Bitcoin showed signs of peaking out above $61,000. The cryptocurrency underwent a modest correction this week, forming a weekly low just shy of $53,000. Nevertheless, the upside momentum stayed higher after the Federal Reserve announced that it would keep its benchmark lending rates near zero until 2023.

The cryptocurrency performs well in ultra-low rate environments. It surged by more than 1,500 percent from its mid-March nadir of $3,858 after the US central bank launched its ultra-loose monetary policy. Investors treated it as a safe-haven asset against their inflation fears led by excessive US dollar liquidity in the economy.

Therefore, Bitcoin remains fundamentally bullish.

Store of Value

The cryptocurrency now serves as a store-of-value alternative to cash in the balance sheets of Wall Street firms, including Tesla, Square, and MicroStrategy. It has also gained entry into the traditional financial platforms of Bank of New York Mellon, MasterCard, Visa, Morgan Stanley, Goldman Sachs, and PayPal as an investable asset.

Konstantin Anissimov, the executive director at CEX.IO crypto exchange, believes that the strong fundamentals would offset skeptic technical indicators. He told Bitcoinist:

“A dip back to the $56,000 support zone cannot also be ruled out. But the longer-term prospects of Bitcoin remain bullish, and a break about the $60,000 level should not come as a surprise.”

Tags: BearishBitcoinBitcoinistcomDivergenceFlashesnearspriceWarning
  • Trending
  • Comments
  • Latest

A 48-year market vet warns that the Fed will be forced to tighten policy ‘way sooner’ than investors anticipate as inflation continues to soar — triggering a stock market crash of up to 80%

August 28, 2021
27-year-old UG graduate now millionaire proposes to girlfriend on b’day in video

27-year-old UG graduate now millionaire proposes to girlfriend on b’day in video

August 9, 2021

‘It’s begging to be destroyed’: A stock trader who says he made more than $100,000 shorting the market during the 2008 crash just bet against the S&P 500 — and warns there’s a ‘fair chance’ stocks are about to drop 25%

September 11, 2021

Stocks tanked in the first quarter, and new research shows there should be a reversal by the end of June

April 15, 2022

Tether ‘Transparency Is Needed’ Following Terra’s UST Collapse: Analyst

0

Uber Hacking: Customers Not at Risk of Financial Crime, Says Minister

0

Black Friday Merchants Look to Extend Moment of Retail Optimism

0

Hotshot Snapchat Founders Face a Dilemma: Lie Low or Live Large?

0

Tether ‘Transparency Is Needed’ Following Terra’s UST Collapse: Analyst

May 25, 2022

Web 3 Education Platform Pitches ‘Earn While You Learn’ to Business (*3*)

May 25, 2022

CDC says monkeypox doesn’t spread easily by air: ‘This is not Covid’

May 25, 2022
Forex: J$155.42 to one US dollar

Forex: J$155.42 to one US dollar

May 25, 2022

Recent News

Tether ‘Transparency Is Needed’ Following Terra’s UST Collapse: Analyst

May 25, 2022

Web 3 Education Platform Pitches ‘Earn While You Learn’ to Business (*3*)

May 25, 2022

Categories

  • Bitcoin
  • Block chain
  • Business
  • Commodities
  • Ethereum
  • Financial Advisors
  • Forex
  • Investing
  • Litecoin
  • Market Insider
  • Personal Finance
  • Stocks

Site Navigation

  • Home
  • Contact Us
  • Privacy & Policy

We bring the Best and latest Crypto News

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home
  • Business
  • Commodities
  • Crypto News
    • Block chain
    • Bitcoin
    • Ethereum
    • Litecoin
  • Finance
    • Financial Advisors
    • Personal Finance
    • Market Insider
  • Forex
  • Investing
  • Stocks
  • ICOs
  • Trading

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.