$BTC MARKET UPDATE
Lots of sell off in the past 48hours and it likely to continue as we broke the weekly support. Saylor selling few btc kinda triggered the move, We are very bearish right now.
The interesting part is that despite RSI reaching oversold territory yesterday, price still continued to push lower. This is something traders often see in crypto markets during strong trending conditions. Momentum indicators can remain oversold or overbought for extended periods while price continues moving in the same direction.
For now, the market is focused on liquidity and positioning rather than technical indicator readings.
Next destination would be 59k or even 55k.
This coming weekly close will give a clarity, at these levels will see if spot buys can absorb the selling pressure.
@BeyondCloud9 #tradewithBeyondCloud9