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BiyaPay Analyst: News Stimulus Fading, BTC to Return to Downtrend
Summary: According to analysts at BiyaPay, Bitcoin has fallen back after oscillating at high levels, with the news-driven rally difficult to sustain, and the market returning to a technically driven trend. With consecutive declines on the weekly and daily charts, prices continue to be pressured below the moving averages, with indicators showing a bearish trend. Analysts ...
According to analysts at BiyaPay, Bitcoin has fallen back after oscillating at high levels, with the news-driven rally difficult to sustain, and the market returning to a technically driven trend. With consecutive declines on the weekly and daily charts, prices continue to be pressured below the moving averages, with indicators showing a bearish trend. Analysts warn against being lured into bullish sentiment, as any rebounds are just technical corrections within the overall downtrend. Yesterday's daily chart closed with a small bearish candle, continuing the downward trend, with prices remaining below the moving averages and indicators still bearish. The hourly chart shows a slight rebound to around 113700 after a morning dip, but then weakened again, with indicators crossing bearishly as the downward trend continues. Short-term expectations suggest further downside potential, but caution is advised against blindly shorting. BiyaPay's multi-asset trading wallet will continue to provide you with a one-stop service for global remittances, cryptocurrency trading, and investments in US and Hong Kong stocks, helping you seize opportunities in volatile markets.
