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Current Bitcoin analysis: Technical indicators point to further bearish
Bitcoin (BTC), the leader of the cryptocurrency market, started trading above this critical level again on Monday after falling below $30,000 over the weekend.
After Sunday's low of $29,985, BTC bounced off the intraday high of $30,427 in today's session.
The rebound came as the bears refused a break below the recent support at $29,900.
BTC has mostly been consolidating for the past four days. This caused the 10-day moving average to change direction.
After moving upwards in recent weeks, the moving average now appears to have flattened out. This increases the possibility of a decrease in the coming days.
In addition, the Relative Strength Index (RSI) is currently hovering at 57.75, just below the ceiling at 58.
If there is no return, the market leader BTC may fall further in the coming days.
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