Bitcoin Price Faces Downward Pressure: Bearish Indicators Point to Increased Selling Risks

Recent movements by the #Bitcoin price on the 4-hour chart have shown notable fluctuations, revealing a potentially bearish sentiment in the near term. The crypto's closing prices have been on a downward trajectory, with the most recent figures descending from $60,672.00 to $57,344.00. This decline aligns with several technical indicators suggesting increased selling pressure.

The 9 Exponential Moving Average (EMA) and the 20 EMA both indicate a bearish crossover, with the shorter-term 9 EMA consistently trending below the 20 EMA across the recent sessions—moving from $61,566.04 down to $59,479.20, compared to the 20 EMA's drop from $62,408.12 to $61,002.09. Such crossovers typically signal a bearish market outlook, advising caution among investors looking to go long.

Moreover, the Moving Average Convergence Divergence (MACD), a momentum oscillator, further underscores the bearish sentiment. The MACD line remains well below the signal line, with the histogram values showing increasing negative divergence—specifically, the histogram has deepened from -276.88 to -502.56 in recent periods. This pattern suggests that the downward momentum is gaining strength, which could imply further price declines.

The Relative Strength Index (RSI) presents additional cause for concern, as it has hovered below 40 in recent periods, indicating a bearish momentum. Current readings ranging from 36.87 to a particularly low 25.78 suggest that Bitcoin is either nearing or currently experiencing oversold conditions. While this might typically suggest a potential buying opportunity, the consistent downward movement advises that caution be maintained.

Focusing on significant technical levels, the immediate resistance and support zones are pivotal for determining potential market movements. The nearest resistance levels are situated at $62,387.90, $62,936.02, and $63,842.02. On the flip side, the support levels to watch are placed at $51,731.99, $51,580.23, and $51,090.01. $BTC #BullorBear