Orbiting US$69,700 this Monday (1), while some altcoins reached an increase of up to 64%, Bitcoin (BTC) presented weekly indicators that suggested exhaustion which, if confirmed, could lead the benchmark to a retreat up to 31% in the short term.
This is what Brazilian cryptocurrency expert Diego Consimo observed, who also added the historical factor of BTC in periods immediately after the halving, when rewards for new BTC blocks mined are halved, an event scheduled to take place on April 20th.
According to the founder of the Crypto Investidor channel, “the weekly indicators are increasingly weakening and a correction could be approaching“. One of these indicators listed by Consimo is On Balance Volume (OBV), which measures the strength of a price trend depending on the flow of trading volume.
The specialist, who also has an eye on the relative strength index (RSI), which serves to measure possible reversal points based on the buying and selling forces of a given asset. Which, based on the weekly chart, indicates a loss of strength from Bitcoin bulls to bears.
“If this is indeed confirmed, the price of BTC may seek support in the regions of US$58 thousand[-17%)andUS$48thousand(-31%)”heconcluded[-17%)eUS$48mil(-31%)”concluiu
BTC/USDT pair chart. Source: Crypto Investor/TradingView
In addition to BTC, cryptocurrency investors are also keeping an eye on 17 altcoins at risk of falling due to the dumping of more than US$10 million to keep an eye on in April, as reported by Cointelegraph Brasil.
