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Bitcoin (BTC) has been the dominant force in the crypto market, but its recent price action has left traders questioning whether the bull run is losing steam. After touching highs near $100,000, BTC price has suffered a notable pullback, currently trading at $86,270, reflecting a 2.12% decline for the day. With increasing volatility, many are wondering: Is Bitcoin on the verge of a major crash, or is this just another correction before the next leg up? Let’s analyze the BTC price daily chart to understand what’s happening under the surface and where Bitcoin might be headed next. Bitcoin Crash: Why Is Bitcoin Price Crashing? BTC/USD Daily Chart- TradingView Bitcoin has been in a downtrend for the past few weeks, facing increasing selling pressure as traders take profits after its meteoric rise. The recent price rejection from $90,000+ suggests that BTC is struggling to maintain its bullish momentum, with buyers failing to hold key support levels. Another factor contributing to the pullback is the weakening macroeconomic sentiment, as high-interest rates and regulatory pressures continue to weigh on the crypto market. Additionally, liquidations of leveraged positions have accelerated the downward move, causing short-term volatility spikes. Is Bitcoin Oversold or Is There More Downside? The Relative Strength Index (RSI) is currently at 38.70, hovering just above oversold territory. This indicates that while Bitcoin has seen significant selling, it is not yet fully oversold, meaning there could still be room for further downside. If the RSI dips below 30, Bitcoin might enter a deeply oversold zone, which could trigger a strong bounce-back rally. However, until the RSI climbs above 50, Bitcoin remains in bearish territory, signaling that sellers are still in control. What Is the MACD Signaling for Bitcoin Price? The Moving Average Convergence Divergence (MACD) is currently showing a negative trend, with the…

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Filed under: News - @ March 8, 2025 3:22 pm