One bitcoin analyst sees renewed losses in the short term, with the price falling by $5,000 from the going market rate of around $58,500. “Bitcoin is likely to fall by $5K rather than rise by the same amount,” Alex Kuptsikevich of FxPro said in an email. Kuptsikevich’s bearish take stemmed from bitcoin’s failure to keep gains above $60,000 in the wake of the death cross, a bearish crossover of the 50- and 200-day simple moving averages. “Bitcoin does not break above $60K and faces selling after it tried to break above the 50- and 200-day MAs late last week, showing seller dominance,” Kuptsikevich noted. He added that the 14-day relative strength index (RSI) no longer shows oversold conditions, which means scope for another leg lower, consistent with the recent seller dominance above $60,000.
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