Analysts pointed to the risks of Bitcoin correction to $38,000
The discrepancy between the price and the RSI indicator may indicate the risks of Bitcoin’s further slide towards the dynamic support at $38,000. This conclusion was reached by 10x Research, writes CoinDesk.
After the approval of spot Bitcoin ETFs, quotes fell by 5% to $42,600, confirming the classic “sell after the fact,” experts noted.
This was preceded by a rise to a two-year high near $49,000, which was not accompanied by similar dynamics in the 14-day RSI. The subsequent fall in price confirmed the bearish divergence, experts noted.
The MACD histogram dropped below zero, signaling a bearish momentum shift, analysts said.
Experts noted the impact on the price of capital flows from GBTC, which provides a 1.5% management fee, to competing instruments with more attractive conditions.
