One bitcoin analyst sees renewed losses within the quick time period, with the value falling by $5,000 from the going market price of round $58,500. “Bitcoin is prone to fall by $5K slightly than rise by the identical quantity,” Alex Kuptsikevich of FxPro stated in an electronic mail. Kuptsikevich’s bearish take stemmed from bitcoin’s failure to maintain positive factors above $60,000 within the wake of the dying cross, a bearish crossover of the 50- and 200-day easy transferring averages. “Bitcoin doesn’t break above $60K and faces promoting after it tried to interrupt above the 50- and 200-day MAs late final week, displaying vendor dominance,” Kuptsikevich famous. He added that the 14-day relative power index (RSI) not exhibits oversold circumstances, which suggests scope for one more leg decrease, in keeping with the current vendor dominance above $60,000.
