Pressure is back on bitcoin and crypto. As projected in Uncharted 35, we saw a drop in price, while Binance and CZ got sued by CFTC.
The perceived risk was intensifying since bitcoin topped last week, considering the low-liquidity environment. The slightest uptick in selling could drive the price lower, and so it happened.
RSI bearish divergence suggests short-term bearish momentum building up, which could drive the price toward the $24-$25k support level.
No significant buying is noted on order book data to support further selling pressure as interest in bitcoin and crypto remains relatively low - traded volume is extremely low.
The number of drawdowns limited to 10% decreased as altcoins gravitated toward bitcoin. Our local top scanner hints at a local top.
Keep reading with a 7-day free trial
Subscribe to Swissblock Insights to keep reading this post and get 7 days of free access to the full post archives.