Crypto Blog
Bitcoin’s price is currently trending down as a result of the potential war brewing in the Middle East. A key level is lost, which could lead to a further decline in the short term.
However, with the RSI also showing values slightly below 50%, the momentum is shifting bearish, and a move lower toward $56K remains a possibility.The 4-hour chart demonstrates a clear bearish shift in market structure in terms of classical price action. The market has decisively broken an important bullish trendline to the downside. Yet, the price bounced from the $60K level, as the RSI has also shown an oversold state in momentum.
While Bitcoin’s price has been dropping over the past few days, future market sentiment metrics are still overheated.
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