One bitcoin analyst sees renewed losses within the brief time period, with the worth falling by $5,000 from the going market price of round $58,500. “Bitcoin is prone to fall by $5K somewhat than rise by the identical quantity,” Alex Kuptsikevich of FxPro stated in an e mail. Kuptsikevich’s bearish take stemmed from bitcoin’s failure to maintain good points above $60,000 within the wake of the dying cross, a bearish crossover of the 50- and 200-day easy shifting 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 situations, which suggests scope for an additional leg decrease, in step with the current vendor dominance above $60,000.
