Bloomberg Crypto Analyst Says Bitcoin Is Huffing And Puffing As Latest Rally Is Falling Flat
Certain Indicators Seem To Suggest That Bitcoin’s [BTC] Recent Momentum Might Be Slowly Receding
If technical indicators associated with the world's most sought after alt-currency are to be believed, long-term buying interest in Bitcoin seems to be falling with each passing day. Not only that, but it also appears as though “selling pressure” in relation to the currency could become more and more apparent in the coming few weeks if existing market conditions continue to persist.
Additionally, it is worth adding that after “logging positive returns for the first time in about 210 days” earlier last month, we can see that Bitcoin’s Moving Average Convergence Divergence indicator has been on a rapid descent— thereby suggesting that the premier crypto asset might be on its way down.
More On The Matter
In addition to the data that has been presented above, it is also worth mentioning that the size of Bitcoin’s average daily gain has reduced quite significantly since mid-February. This seems to point to the fact that the digital asset’s recent price rally could finally be nearing its completion.
As mentioned previously, the flagship altcoin recently posted its first monthly gain in more than six months, however, many experts feel that if BTC is not able to break past its current resistance level of $4,000, it might not be able to sustain its bullish momentum any longer.
In regards to the matter, Bloomberg financial analyst Mike McGlone recently went on record to state:
“The entire industry is ripe to resume a path to lower prices. Conditions are akin to November, just prior to the collapse. Prices are consolidating within narrowing ranges, with a few sharp bear-market rallies that appear fleeting.”
In closing out this piece, it is worth noting that although Bitcoin’s recent 20 percent gain (over the course of the past 90 days) is quite impressive, eToro’s Mati Greenspan is of the opinion that a large number of investors are now starting to see more and more potential in “other smaller tokens as well.”
Additionally, he also believes that as we come to the end of the ongoing crypto winter, we will get to see smaller altcoins witness spectacular gains. For example, since December 2018, Ethereum and Litecoin have spiked by more than 60%,120% (in value) respectively.