• Bitcoin prices slipped below $30,000 over the weekend, raising speculations of a bearish pullback in the markets.
• The altcoins may also face minor pullback but remain consolidated within narrow regions until the BTC price accomplishes a major move.
• A significant pullback appears imminent as daily RSI breakdowns have been the most reliable bearish signal in the past year.
Bitcoin Bearish Signals Emerge
Bitcoin prices slipped below $30,000 over the weekend, raising speculations of a bearish pullback in the markets. The altcoins may also face minor pullback but remain consolidated within narrow regions until the BTC price accomplishes a major move. A significant pullback appears imminent as daily RSI breakdowns have been the most reliable bearish signal in the past year.
Bullish Candle and Bitcoin Price
The price closed the previous week’s trade beyond $30,000, rising over 8% in a week and recording the highest weekly bullish candle since May 2022. Will this recent plunge impact the impending rally and even the altcoins within the markets? Bitcoin presently is getting towards long areas and a notable pull back may be expected to enter into market soon. This pull back could be seen as good entry point for investors as it is believed that bitcoin will rebound and rise beyond $32,000 soon.
Bearish Cartel Gains Strength
The bearish cartel appears to have strengthened its grip over markets, as star crypto Bitcoin drops back below $30,000 after holding tight above these levels for nearly a week. In event of a bearish pull back, BTC price is expected to drop close to $28,600 even if there is rebound; however it may still fail to reach new highs for now with RSI close to breaking down from bullish pattern.
RSI Breakdown Reliable Bearish Signal
Daily RSI breakdowns have been most reliable bearish signal in past year and BTC is close to one now which makes it first potential bearish signal seen in while though only confirmation when market reacts can confirm it . Analysts refer here to RSI which has been forming similar pattern for last 12 months each time when RSI levels break down support and plunge then BTC suffers from bearish pullback currently; RSI levels are testing lower trend support line .
Conclusion
To conclude , despite strong bullish run witnessed by crypto market recently with bitcoin hitting all-time high at its peak , things appear uncertain again , especially with regard to bitcoin prices which dropped below 30K levels again creating speculation of another possible bearish phase however ; if investors act wisely then they might still benefit from this situation by entering at right time making right entry points once again leading them towards profits .