Two Critical Technical Indicators in Bitcoin Point to a Short-Term Decline!

Two technical indicators in Bitcoin (BTC) point to a short-term decline.

Taking a closer look at the Bitcoin chart, analysts noted that the 50-day simple moving average (SMA) and the MACD indicator indicate a short-term decline.

SMA 50, which coincides with the middle region of the current channel where Bitcoin is consolidated, is positioned in the $64,870 band. It was predicted that the price could fall here in case of a possible correction.

It was pointed out that if the decline continues, the $57,000 level, which is the bottom of the consolidation channel, may be reached.

Likewise, the moving average convergence indicator (MACD) has also turned negative. This indicator is widely used to identify trend changes, with crossovers below zero indicating pullbacks.

While both indicators give downward signals, the increase in US treasury yields also poses a downside risk for Bitcoin.

According to CoinGecko data, Bitcoin, which has increased by 1% in the last 24 hours, is traded at $68,380 at the time of writing.