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Bitcoin has formed a bearish crossover on the weekly chart’s MACD.
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The signal could cause Bitcoin’s price to drop up to 19%.
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Bitcoin price hit a 30-day low on May 24 at $26,113 as traders worry that a larger price dip is possible, noting that the 5% 24-hour drop is a key moment of truth for the crypto market.
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Right as analysts thought that Bitcoin (BTC) was on the cusp of showing signs of a price breakout, the crypto market took a turn to the downside amid increased regulatory uncertainty. Now it seems BTC is stuck far below the $28,000 resistance level.
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Analyst Michael Pizzino discussed short-term performances for major coins such as BTC and ETH and his predictions for these tokens. In the video titled “Bulls TRAPPED In Crypto Pump?! Watch THIS Bitcoin Signal” the analyst performed a quick analysis of BTC, Ethereum, RNDR, SOL, MATIC, ADA, among others.
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tThe danger sign for ETH, Pizzino says, is that it breaking under the support of $1840
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