RATE Group | Bitcoin is at risk of deep fall in the coming months
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Bitcoin is at risk of deep fall in the coming months

04 May Bitcoin is at risk of deep fall in the coming months

Posted at 15:49h in Cryptocurrency News by

The sideways price trend is bad luck for Bitcoin. In recent years, the tug of war games between bears and bulls almost invariably ended with a decrease of the first cryptocurrency. In the last 24 hours, bitcoin has lost nearly 4% to $8,700. Ethereum (ETH) sank under $200 threshold, losing more than 6% in the last 24 hours.

The Crypto Fear & Greed Index rose 17 points over the week, fully reflecting the market sentiment. However, it remains in the “fear” area. The RSI for BTCUSD on the daily chart is declining from the overbought area. This technical indicator has worked accurately enough lately.

Since last Thursday Bitcoin is being redeemed on the declines to the 200-day average, which has stabilized near $8,500. If this support could not resist, the pressure on the first cryptocurrency might intensify. A simple 200-day moving average is a reliable trend indicator in traditional markets, and it has proved to be a reliable indicator on the crypto market.

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