#BTC Continued bearishness, why?
See the data...
The relative strength index (RSI) of BTC on the 24-hour chart is hovering around 49.00, indicating neutral market conditions. The RSI line recently retreated from a peak near 60.59, indicating a slight decline in buying momentum
This, coupled with the escalation of the conflict between Israel and Iran, has added another layer of complexity to the already volatile Bitcoin market.
Following a peak of $66,508 on September 28, the BTC price fell sharply, retesting the $60,000 area before stabilizing around $61,400.
This decline coincided with increased global instability, prompting investors to turn to safer assets such as bonds and gold.
The recent rise in the price of Bitcoin has not changed this deep-rooted bearish trend.
Although the price of Bitcoin has temporarily risen in the past few days, it has not been able to break through the important resistance level of $70,602, and is still far below the $73,808 mark, which is a necessary condition for confirming the reversal of the bullish trend.
Finally, 60,000 is not a strong support, so watch and cherish it!
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