Just as Bitcoin and the cryptocurrency markets begin to experience some bullish momentum with higher lows and retests of key resistance points, leading analysts at Bloomberg say Bitcoin (BTC) is losing momentum and could be heading for another big move down, according to a recent report on March 12.
As quoted from the report:
“Technical gauges signaling long-term buying demand for Bitcoin are deteriorating, potentially showing that selling pressures could intensify.”
Why Might Bitcoin (BTC) Be Heading Lower?
The technical gauges noted by Bloomberg is Bitcoin’s Moving Average Convergence Divergence (MACD) indicator, which has been steadily falling since the middle of February.
This downward movement in the MACD is generally a bearish indicator, as the MACD is a trend-following indicator that represents the relationship between the 2 moving averages of a traded security, in this case, Bitcoin (BTC).
When the MACD trends downwards and the price is not, this is a strong…