Bitcoin Faces More Directional Uncertainty, What’s Happening 📉
Bitcoin's recent market performance saw a reversal after a promising recovery starting in mid-April. The new bearish momentum comes as the cryptocurrency reached overbought levels on the Relative Strength Index (RSI) by the end of April. Additionally, Bitcoin encountered a Fibonacci retracement.
This convergence of technical factors results in heightened sell pressure, contributing to the current directional uncertainty. Market observers are closely monitoring whether this volatility will lead to further downside movement or a potential recovery. Such dynamics have left traders and investors questioning the digital asset's near-term trajectory.
Source: www.thecoinrepublic.com ↗
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