The prospects of Bitcoin ($BTC ) are now like a dancer on the edge of a cliff, and may fall into the abyss at any time. With technical analysis and market news casting a shadow over the cryptocurrency king, let’s take a look at why Bitcoin is facing a bearish storm.

First, the "death cross" phenomenon of the moving average has appeared, with the short-term moving average crossing below the long-term moving average, indicating that Bitcoin's short-term price trend will continue to be weak. It's like a runaway train heading toward a steep cliff.

Looking at the relative strength index (RSI), it shows that Bitcoin is overbought. An RSI above 70 means the market is overheated and a pullback is inevitable. It's like an overblown balloon that's ready to burst. A sharp pullback in prices could be a moment of reckoning for the market.

In addition, market news has made matters worse. The U.S. Securities and Exchange Commission (SEC) has stepped up its supervision of cryptocurrencies, and investor concerns are growing. To make matters worse, central banks are accelerating the launch of digital currencies (CBDC), which will pose a serious threat to Bitcoin's market position. This is undoubtedly a double attack from regulatory storms and official digital currencies.

Bitcoin is facing bearish risks from both technical analysis and market news. Investors should remain highly vigilant and avoid using past experience to predict current bull or bear market conditions.

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