Bitcoin's Bullish Momentum Faces Threat Of Bearish Divergence
Portfolio Pulse from Rounak Jain
Bitcoin (BTC) faces a potential price drop to $30,000 due to bearish divergence, as indicated by the RSI marking lower lows while the price hits higher highs. The bullish momentum is threatened by the SEC's delay in approving spot Bitcoin ETFs. Whale investors continue to accumulate Bitcoin, adding 60,000 BTC recently, which could delay the price decline if profits don't reach a level that triggers selling.
November 25, 2023 | 8:55 am
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Bitcoin is showing signs of a potential drop to $30,000 due to bearish divergence, despite recent accumulation by whale investors. The SEC's delay in approving spot Bitcoin ETFs has also impacted bullish sentiment.
The bearish divergence indicated by the RSI is a technical signal that often precedes a price drop. The SEC's delay in approving Bitcoin ETFs has likely contributed to uncertainty and could dampen investor enthusiasm, potentially leading to a short-term negative impact on Bitcoin's price.
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