The MACD histogram has just turned negative, signaling a renewed bearish momentum for Bitcoin. Since October, every bearish MACD cross has preceded steep Bitcoin selling, while bullish crosses produced only short-lived rebounds. With the MACD again flashing red, traders face the risk of another leg lower, consistent with past patterns. The MACD histogram indicates that bears are in control of Bitcoin.
Prices fell from about $106,000 to $80,000 by November 21. On January 20, when Bitcoin traded around $90,000, the MACD again signaled bearish momentum. By February 6, Bitcoin had dropped to around $60,000, and after the MACD turned positive, it managed only a limited rebound near $75,000. Bitcoin retreated to about $68,000, leaving a CME gap as traders eye a rebound toward $70,000.
Bitcoin is trading around $68,614.66. Bitcoin barely clings to monthly gains.
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