• Bitcoin (BTC) price has been trading under the bullish influence due to the latest CPI price.
• Analyst discovered hidden bearish divergence which suggests the price may slide down to form new bottoms soon.
• The RSI (Relative Strength Index) of Bitcoin in the 2014 bear market was compared to that of the recent 2022 and found that the rally may not have found its bottom.
The crypto markets have been trading under the bullish influence of late, thanks to the latest Consumer Price Index (CPI) which was lowered to 6.5%. This news has resulted in a surge in the Bitcoin (BTC) price and many speculators predicted that it would soon break past the $19,500 resistance. However, the bears still hold the levels and the possibility of a price rejection has not been ruled out.
Recently, an analyst called Anonymous\Crypto Predictions discovered a hidden bearish divergence in the Bitcoin price which could mean that the BTC rally has not found its bottom yet. The analyst compared the RSI (Relative Strength Index) of the 2014 bear market with that of the recent 2022 and found that the price may soon slide down to form new bottoms. The analyst believes that this could be the start of a bearish correction, as the RSI suggests that the recent rally has not yet reached its maximum potential.
The bearish divergence is a warning sign that the BTC price may soon take a drastic turn and the bulls should be prepared for a potential price correction. This news has caused significant speculation in the crypto markets and investors are now waiting to see if the Bitcoin price will be able to break past the $19,500 resistance or if the bearish divergence will be proven right.
Regardless of the outcome, it is clear that the Bitcoin price is still a long way away from reaching its all-time high of $20,000. It is important to remember that the crypto markets are highly volatile and prices can change rapidly. Investors should always do their own research before investing in any digital asset and should not rely solely on analyst predictions.