This is a daily technical analysis by Coindesk analyst and chartered market engineer Omkar Godbole.
Bitcoin
BTC$108,707.53
Bull runs are stagnant, with new technical signals pointing to the potential price pullback.
According to the TradingView Data Show, major cryptocurrencies by market value are traded nearly $108,000, with a massive trend line survey, characterising a sharp rise from $75,000 to record highs of $75,000.
Despite reports that Trump family media companies are planning to raise $300 million to buy cryptocurrencies such as Bitcoin, there has been little bullish behavior in the past 24 hours.
A key momentum indicator called the 30-day rate of change (ROC), which measures the percentage of Bitcoin’s price increase or decrease over the past month, praised “bearish divergence.”
The bearish pattern occurs when the price of an asset increases, but momentum indicators like the 30-day rate of change (ROC) cannot confirm the same, suggesting potential weakness and price corrections.
BTC Daily Chart. (tradingView/coindesk)
Bitcoin remains within the bullish upward channel, but the 30-day ROC has formed a low high, showing bearish divergence and weakening momentum.
Furthermore, the Daily Chart Moving Average Convergence Divergence (MACD) histogram, a widely used indicator to measure trend strength and changes, shows negative inversions and bearish changes in momentum.
All this means that BTC could possibly reconsider support, which has jumped out of the bullish upward channel and turned its main psychological resistance, for $100,000.
The broader outlook remains constructive, consistent with the recent golden crosses of the 50-day and 200-day simple moving averages (SMA).
