The Bitcoin price has been unable to break out of its current downtrend after losing the $60,000 mark this week, trading as low as $57,790 on Tuesday. However, one indicator is pointing to further price corrections for the largest cryptocurrency on the market that could send the coin well below current levels.
Bitcoin Faces Major Risks
In a recent social media post, crypto analyst Ali Martinez has pointed to the Stochastic Relative Strength Index (RSI) on Bitcoin’s 2-month chart, which has recently indicated a trend reversal from bullish to bearish.
This is noteworthy because historical patterns over the past decade show that similar signals have often preceded significant price corrections of 84%, 59%, and an average of 75.5%.
The Stochastic RSI is a momentum oscillator that measures the level of a security’s closing price relative to its price range over a specific period. When it indicates a bearish trend, it suggests that the asset may be overbought and due for
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