Bloomberg: Key Indicators Show Bitcoin Price Could be Losing Steam | | Cryptocurrency news. Breaking news on cryptocurrency.
A recent report from Bloomberg analysts states that Bitcoin could be nearing another significant sell-off. Key price movement indicators show that Bitcoin (BTC) could be heading for another move downward, according to a recent report from Bloomberg on March 12.The report states, "Technical gauges signaling long-term buying demand for Bitcoin are deteriorating" and as such, buying pressure could increase. Bloomberg notes that the seminal crypto's Moving Average Convergence Divergence (MACD) indicator has been moving downward since mid-February.The MACD is a trend-following indicator of momentum that shows the relationship between two moving averages of the price of a security.Bitcoin has tested the $4,000 mark several times in previous weeks, but has as of yet been unable to break above it for a meaningful period of time. Bloomberg states that, until Bitcoin can break through that level, it is likely to face selling pressure. Bloomberg analyst Mike McGlone said:"The entire industry is
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