It seems that Bitcoin’s earlier rally has been losing momentum. The GTI Vera Convergence Divergence indicator, which investors use to detect rebounding, has formed its first sell signal since mid-March. This signal suggests a further drop in Bitcoin’s price, for now the digital currency “flirts” with the tops this year.
From the beginning of January until now, Bitcoin has risen by nearly 50% since last year dropped its value by nearly 74%. The price failed to break through $ 5679, requiring a new positive catalyst to drive a new impulse upwards.
Source: Bloomberg Finance L.P.
Graphs: Used with permission of Bloomberg Finance L.P.
Trader Martin Nikolov