BLOODY $BTC Again
Bitcoin (D1 timeframe)
It is true that the RSI indicator points to an almost record oversold level, with RSI near 27, but the MACD shows clear weakness. Moreover, when we look at Bitcoin’s previous price reactions, as well as the 2020–2021 bull market, we see striking similarities. There is a chance that the ongoing downward move will continue and push BTC down toward key on-chain support levels, which we can look for near USD 50,000 (Realized Price). Short-term investors are increasingly posting losses today—on average nearly 15%—with an average purchase price near USD 90,000, while the spot price is almost 25% below the 200-day EMA (red line), which runs around USD 99,000.
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