Bitcoin Weekly SuperTrend Flashes Sell Signal From 2022 Despite BTC/USD Strength 📉
Bitcoin's recent bullish sentiment is facing a potential downturn as a sell signal from 2022 has reemerged on the weekly SuperTrend chart. Despite BTC surpassing $100,000, an analyst warns of a potential bear market similar to the 60% decline back in 2022.
This signal was triggered just below the all-time high of $109,000, raising concerns about the true strength of Bitcoin's price. A weakened US dollar adds to this scenario, potentially misleading bullish indicators.
Analyst Tony Spilotro highlights the importance of completing range breakouts with a strong weekly candle and closing above the upper Bollinger Band to sustain the uptrend, emphasizing the risks and potential market implications if these conditions are not met.
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