After reaching a new all-time high (ATH) of $73.000 last month, the Bitcoin suffered a major correction in its price, dropping below $60.000 during the Israel-Iran war recently. Since then, the price of the largest cryptocurrency has been trying to stabilize and is currently trading lower at around $63.000.
Given this scenario, a worrying analysis suggested that Bitcoin could experience an even greater pullback. According to an analysis by renowned cryptocurrency expert Ali Martinez, on April 25, the leading crypto asset was facing two sell signals from two technical indicators that are generally reliable.
In his analysis, Martinez suggested an imminent collapse of Bitcoin that could take the largest cryptocurrency's price below $60.000.
“Two sell signals were presented on Bitcoin's 12-hour chart: a deadly crossover between 50 and 100 SMA and a red 9 candlestick from TD Sequential. If $BTC falls below $63.300, prepare for possible dips to $61.000 or even $59.000,” he wrote.
Two sell signals were presented on the # Bitcoin 12-hour chart: A death cross between the 50 and 100 SMA and a red 9 candlestick from the TD Sequential.
If $ BTC falls below $63,300, brace for possible dives to $61,000 or even $59,000. pic.twitter.com/24A3YtbgTb
— Ali (@ali_charts) April 25, 2024
At the time of publication, the Bitcoin price it was quoted at US$63.035,32, down 4.3% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$34.572.697.423. In the last seven days, Bitcoin has appreciated in price by 2.0%.
