Bitcoin’s (BTC) price drop has accelerated, with the cryptocurrency slipping below $60,000 at some point in the last 24 hours, and analysts are projecting further losses.
Technical indicators suggest that the maiden cryptocurrency is flashing a series of concerning signals pointing to a significant decline in value.
In a TradingView post on August 4, crypto trading expert Alan Santana noted that Bitcoin is likely heading for much lower levels before it can expect new highs or significant growth.
One of Santana’s most alarming indicators is the bearish divergence on Bitcoin’s weekly Relative Strength Index (RSI). Bitcoin is exhibiting a striking divergence that has been developing over three years.
Specifically, the RSI made a lower high in 2024 than in 2021, despite Bitcoin’s price showing higher highs during the same period. This discrepancy between price action and RSI is a classic bearish signal, suggesting that the underlying momentum driving Bitcoin’s pric
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