- BTC analysts spot rising wedge formation and CrossX indicators.
- These show highly bearish moves for BTC price.
- Will BTC go bearish before going bullish once again?
The current state of the crypto market has left many altcoin traders and crypto investors frustrated and disappointed. This is because the bull market pump seems to have come to an abrupt end, which many analysts refuse to accept due to prevailing bullish indicators on crypto price charts. Most recently, BTC analysts spot rising wedge formation and CrossX indicators, leaving room for both bullish and bearish reactions.
BTC Analysts Spot Rising Wedge Formation and CrossX Indicators
According to CoinMarketCap analytics, the price of the pioneer altcoin asset Bitcoin (BTC) is currently trading at the $109,000 price range. This indicated that in the last 24 hours, the price of BTC has fallen slightly by over 1.7%, meaning the price of BTC fell from the $110,000 price range and went as low as the $106,000 price range. The pioneer asset is now over 13% away from its previous ATH price set 25 days ago in the $126,000 price range.
As for the total market cap, BTC’s is at $2,182,895,055,449.44, indicating that it is down by 1.75%. Likewise, its 24-hour volume is at $65,558,913,692.41, marking a sharp decline of over 7%. Indeed, these are all red and bearish momentum for the pioneer crypto asset, leading to falling sentiments. What’s more, the CMC Crypto Fear & Greed Index marks a score of 31, stating a ‘Fear’ sentiment.
Will Bitcoin Go Bullish or Bearish?
Despite the bearish price movements, the price of BTC continues to brew hope for BTC traders and investors. Thus, analysts continue to look at every possible factor and indicators that hint at what can come next for the pioneer crypto asset. According to several observations, crypto analysts and leaders believe that both bullish and bearish signals are active, meaning the price of BTC could go either way.
As we can see from the post above, Bitcoin (BTC) has printed a strong Rising Wedge formation, which was spotted on the weekly chart. In detail, the weekly RSI is showing a bearish signal, indicating that the top might already be in. Bitcoin is still moving inside the wedge, but a breakdown looks imminent, and once that happens, the bears will be back in town.
Similarly, another analyst says that a big correction is heading for the price of BTC and that the last sell signal triggered the biggest liquidation event of the year. Now, it’s printing another sell signal, even stronger than the previous one. This is a strong sell signal, confirmed by a Top Reversal sign, and it has appeared below the Gray Cloud for the first time in 6 months. The targets are $100,000 – $93,000.
