Bitcoin Scary Pattern

Bitcoin Scary Pattern: How it might hurt Bulls

Yesterday Bitcoin repeated the same pattern of November 30, 2021, and briefly touched the $59,000 mark and the price bulled back. There is a Bitcoin Scary pattern on the daily chart.

The Bitcoin price today is $56,286.62 USD with a 24-hour trading volume of $33,828,400,552 USD. Bitcoin is down 4.02% in the last 24 hours, with market cap of $1,063,201,734,710 USD. It has a circulating supply of 18,889,068 BTC coins.

Bitcoin Scary Pattern
Source: Tradingview

Bitcoin Scary Pattern: Analysis

Back on January 09, 2021, Bitcoin started rising, making higher highs and lower lows just like now it’s doing. The RSI depicted that the uptrend was exhausting and Bitcoin halving happened resultantly. If we look at the chart above, the pattern is pretty much the same starting from July 21, 2021, till today. The only difference between the two is that RSI is not that Bearish this time. Bitcoin needs to keep the support of $50,000 otherwise situation might go South.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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