opinion

BTC bearish divergence...short-term selloff continues

BTC bearish divergence

According to CoinDesk, crypto research firm 10X Research, founded by crypto analyst Markus Thielen, said in a recent report that "analysis of bitcoin price patterns and technical indicators suggests that the selloff may be short-lived." "The launch of the Bitcoin Spot ETF has triggered a classic 'sell on the news' phenomenon. According to the Bitcoin RSI divergence indicator, the downtrend could extend to support around $38,000. BTC briefly broke above $49,000 last week to hit a new two-year high, but the 14-day RSI indicator has turned lower, forming a bearish divergence." "Grayscale's GBTC investors may opt for other ETFs (due to redemptions), which could push the price of bitcoin lower," Thielen added.

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