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Bitcoin to Say Goodbye to $100,000? BTC Momentum Is No Man’s Land
The cryptocurrency market is known for its unpredictability and constant price fluctuations. However, the recent movement of Bitcoin (BTC) has left many analysts puzzled as it appears that the momentum is faltering. In this article, we will explore the possible implications of this lack of direction and what the future may hold.
According to various indicators, including the Relative Strength Index (RSI), there appears to be a complete absence of strength in Bitcoin’s movement. The RSI indicator is hovering around the low 50s, indicating that neither bulls nor bears are willing or able to take control of the market’s direction. This lack of energy alone should serve as a warning sign for traders anticipating a swift recovery or an upward breakout.
The current price chart shows no signs of conviction, with Bitcoin struggling to move beyond the $107,000 mark. The momentum profile is indeed painful to observe: there is no strength in the market. In other words, we see a clear illustration that this no man’s land. For traders anticipating a swift recovery to $110,000 or even a clear breakout to new highs, such a lack of energy alone ought to serve as a warning sign.
Moreover, all attempts to move higher have been met with immediate rejection and exhausted buying. The current Bitcoin price is barely holding above the group of moving averages (20, 50 and 100 EMA) around $105,000. It seems much more likely that we will see a more severe correction if bulls do not immediately inject new buying volume.
In conclusion, this Bitcoin market appears to be trapped in a precarious state of uncertainty.
Source: u.today
