Bitcoin's monthly MACD momentum indicator has turned negative, suggesting a potential end to the bullish trend that started near $20,000 in early November. The appearance of red bars below the zero line on the MACD histogram echoes patterns preceding major declines in 2014, 2018, and 2022. Current macroeconomic factors, such as ETF outflows and a stronger U.S. dollar, further support this bearish outlook. Key support levels for Bitcoin are identified at $84,500 and $74,500.
Ethereum is also experiencing bearish signals, with a 'death cross' confirmed on its daily chart, indicating potential further declines. These technical indicators suggest caution for traders as both major cryptocurrencies face significant downward pressure.
Bitcoin's Monthly MACD Turns Negative, Signaling Bearish Trend
Disclaimer: The content provided on Phemex News is for informational purposes only. We do not guarantee the quality, accuracy, or completeness of the information sourced from third-party articles. The content on this page does not constitute financial or investment advice. We strongly encourage you to conduct you own research and consult with a qualified financial advisor before making any investment decisions.
