Bitcoin

when

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<a href="https://u.today/1-million-bitcoin-advocate-samson-mow-says-price-run-not-even-started-yet" rel="noopener noreferrer nofollow">Bitcoin</a> has been on a meteoric rise, shattering previous all-time highs and cementing its status as the apex cryptocurrency. However, a closer look at the technicals suggests we may be approaching a juncture where the momentum could stall, potentially leading to a stalemate. Here are three reasons that might cause the <a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">Bitcoin/USDT chart</a> to enter a period of consolidation around current levels.
Psychological resistance at all-time highs: Bitcoin’s recent ascent has been nothing short of spectacular. However, as the price hovers around the all-time high, we approach a psychological resistance level. Investors who previously bought at highs might look to break even on their investments, which can lead to increased selling pressure. The current price is lingering around $72,000, a region where profit-taking behavior may intensify, creating a temporary ceiling. <img alt="BTCUSD" data-entity-type="file" data-entity-uuid="e7e20902-214e-42f1-a029-be4692b282fe" src="https://u.today/sites/default/files/inline-images/image_568.png"><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">BTC/USD Chart by TradingView</a>
RSI divergence: The Relative Strength Index (RSI) is a momentum indicator that measures the magnitude of recent price changes to evaluate overbought or oversold conditions. An RSI divergence occurs when the price records a higher high, but the RSI fails to confirm this with its own higher high, signaling weakening momentum.&nbsp;
The attached chart might not explicitly show this divergence, but should the RSI demonstrate lower peaks while the price hits higher highs, it would be a classic signal of a potential reversal.
Extended away from moving averages: <a href="https://u.today/bitcoin-etfs-simply-absurd-performance-excites-analyst" rel="noopener noreferrer nofollow">Bitcoin’s</a> price is now well above its 50-day and 200-day moving averages, a sign of a robust uptrend. However, historically, when prices extend too far from these averages, they tend to revert back to mean values.
This phenomenon could cause the price to retreat toward the support levels of these moving averages, found at around $61,250 for the 50-day MA and $49,995 for the 200-day MA.

3 Reasons Why Bitcoin (BTC) May Enter Stalemate Around Here

U_Today

在 2024年3月12日發表的其他文章

XRP Chart Patterns and Analyst Predictions Indicate Potential Upsurge

Solana (SOL) Price Prediction for March 12

Celestia (TIA) Dip Continues As Bearish Sentiment Forces SEI Down; NuggetRush Is The Perfect Boun...

Revolutionizing Healthcare Management: The Transformative Impact of Healix Protocol’s Blockchain ...

Binance Futures Announces Listing of These Altcoin Pairs with 50x Leverage!

U.S President Proposes 30% Tax on Crypto Mining Power in 2025 Budget

訂閱免費電子報，每天收取加密貨幣最新動態！