Bitcoin price dips below $59,000 as U.S. spot Bitcoin ETFs record more than $120 million in outflows
Technical analysis: BTC is poised for down leg
Bitcoin price was rejected around the daily resistance level at $65,379 on Sunday, declining by 7.5% in the next two days. On Wednesday, it recovers slightly by 1% at $60,071 at the time of writing.
If BTC continues to decline and closes below the $58,783 level, it could decline further by 4.5% to retest its daily support at $56,002.
The Relative Strength Index (RSI) on the daily chart has slipped below its neutral level of 50, and the Awesome Oscillator (AO) is on its way to close below its neutral level of zero. When both indicators trade below their neutral levels, it suggests a weak momentum and an impending bearish trend.
However, if Bitcoin's price finds support around $58,783 and closes above it, the bearish thesis will be invalidated, and BTC could rally 11% to revisit its daily resistance level at $65,379.
long-to-short ratio on exchanges shows BTC's long-to-short ratio at 52.18%. This ratio reflects bearish sentiment in the market, as there is a higher percentage of shorts than longs. This suggests that more traders anticipate the decline in Bitcoin's price
