Crypto trader Kevin recently expressed concerns over bearish indicators for Bitcoin BTC/USD remaining in the red.
What Happened: Kevin pointed out that his indicator has only thrice posted a sell signal on the 2-month timeframe for Bitcoin, each time accurately marking the cycle top.
He further noted that in two out of three Bitcoin cycles, when the 2-week RSI reached the zone, it was in during March, it also marked the bull market’s peak.
Kevin stressed the importance of caution, suggesting that Bitcoin needs to close a monthly candle above $73,000 to negate the sell signal. He warned that anything below the previous high in March is technically bearish, contradicting those who claim that surpassing minor levels would signal the return of the bull market.
Price Action: In the past 24 hours, BTC is trading 0.3% down at $57,655 taking weekly losses to 4.4%.
Also Read: How To Successfully Trade News In Crypto
Why It Matters: Kevin's analysis, based on historical patterns, suggests a potential downturn for Bitcoin. He stressed the need to "be smart and look at both sides of the coin always," urging traders to consider both bullish and bearish scenarios.
IntoTheBlock data noted a decline of 10.4% in large transaction volume. Exchange net flows are down 149.6%.
Crypto analyst IamCryptoWolf highlighted the massive resistance and support levels for Bitcoin.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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