The Bitcoin rally loses steam

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

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