RATE Group | Bitcoin Price Indicator Shows Bearish Mood Strongest Since February
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Bitcoin Price Indicator Shows Bearish Mood Strongest Since February

16 Oct Bitcoin Price Indicator Shows Bearish Mood Strongest Since February

Posted at 13:44h in Cryptocurrency News by

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  • Bitcoin’s weekly Chaikin Money Flow index is reporting the strongest bearish bias since February. Other weekly chart indicators are also calling a deeper drop, possibly to levels below recent lows near $7,750.
  • The daily chart indicators suggest the corrective bounce has ended and sellers are again gaining strength.
  • The ongoing risk aversion in the global financial markets could weigh over bitcoin.
  • The short-term bearish case would weaken if prices rise above the 200-day average, currently located above $8,700, although, as of now, that looks unlikely.

Bitcoin is facing strongest selling pressure since February and has potential to drop below recent lows near $7,750.

The top cryptocurrency by market value fell from $8,326 to $8,086 in the 60 minutes to 17:00 UTC on Tuesday, confirming a downside break of the recent trading range of $8,450–$8,250, as expected.

Since then, the cryptocurrency has stabilized around $8,100. Some observers are of the opinion that BTC…

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