Bitcoin’s (BTC) new bearish sentiment and historical price movement suggest that the maiden cryptocurrency may be entering a fresh downturn cycle.
This outlook, shared by prominent online cryptocurrency analyst TradingShot in a TradingView post on November 11, came as Bitcoin slipped below the $110,000 mark.
Analysis of weekly price charts shows that Bitcoin has been testing the crucial 50-week moving average (MA), a historically decisive level in cycle shifts. A sustained close below this indicator has previously triggered deeper corrections.
Bitcoin price analysis chart. Source: TradingView
The analyst noted that in 2021, Bitcoin peaked roughly seven weeks before U.S. equities, and a similar divergence appears to be unfolding again, with the S&P 500 setting new record highs while BTC retreats.
According to the analysis, Bitcoin topped earlier this year near $120,000 and has since formed lower highs and declining RSI peaks, mirroring the setup seen ahead of the 2022
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