- Master Analyst Warns of a Decline for Bitcoin: Watch Out for Short-Term Resistance! -
Popular cryptocurrency analyst Ali Martinez has attracted attention with his bearish post about Bitcoin (BTC).
In his X post dated September 23, Ali Martinez included Bitcoin's 4-hour chart. Drawing attention to the RSI data in this chart, the analyst stated that Bitcoin reacted to the RSI resistance and exhibited a bearish outlook:
''Bitcoin appears to be forming a bearish divergence against the RSI on the 4-hour chart!''
Bitcoin managed to climb from the $58,000 level to $64,500 after the US Federal Reserve (FED) cut interest rates by 50 points. However, Bitcoin, which has not yet passed the resistance in this region, faces a short-term decline risk.
This technical analysis presented by Martinez pointed to a possible decline in price movements. The weakness of the RSI despite rising prices is considered a bearish signal that is being closely followed in the market.
According to CoinGecko data, Bitcoin, which has increased by 3% in the last 24 hours, is currently trading at 63,400 $ .
