Bitcoin Struggles Below $80,000 as Analyst Identifies Key Bearish Indicator
Bitcoin's momentum has weakened after failing to maintain above the $100,000 mark, now trading between $75,000 and $79,000. Analyst Tony Severino highlights a potential bearish crossover on Bitcoin’s 1-month LMACD indicator, which may confirm a shift to bearish momentum.
Key Points
- LMACD shows the blue line nearing a crossover below the orange signal line.
- This crossover indicates potential bearish confirmation amid weakness in traditional markets.
- April's close without a rally may solidify this bearish momentum, marking the first since July 2023.
- The crossover is also evident in major indices like the S&P 500 and Nasdaq 100.
- Despite bearish signals, an upward move could reverse the trend as current conditions are oversold.
As of now, Bitcoin is priced at $77,260, down 2.23% in 24 hours and 8.93% over the past week.
