The post Bitcoin (BTC) Price Momentum Slows, Risk of Decline Rises appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) reached a new all-time high on December 17 but still remains 5% below the $110,000 mark. Indicators such as ADX and NUPL suggest a slowdown in upward momentum, pointing to a potential shift in market sentiment. While BTC remains in the “Belief — Denial” zone, highlighting continued confidence, its failure to surpass key resistance levels raises caution. The next few days will determine whether BTC regains upward momentum to test $110,000 or faces further corrections toward critical support levels. BTC Current Trend Shows a Potential Shift In Sentiment Bitcoin DMI chart reveals its ADX is currently at 29.2, down significantly from over 40 just two days ago when Bitcoin reached a new all-time high. This decline in ADX indicates that while the trend remains relatively strong, its intensity is fading. With bearish momentum taking hold, the market appears to be shifting toward a period of consolidation or potential further downside. BTC DMI. Source: TradingView The ADX (Average Directional Index) measures the strength of a trend, with values above 25 signifying a strong trend and below 20 indicating a weak or non-trending market. Currently, BTC’s D+ at 18.1 and D- at 27.8 suggest that bearish forces are dominating, with sellers outpacing buyers in the short term. This imbalance could push BTC price lower unless buyers regain control and D+ rises above D-, signaling renewed bullish momentum. Bitcoin NUPL Is Far from the Next Thresholds Bitcoin NUPL is currently at 0.60, down from 0.628 when Bitcoin reached a new all-time high two days ago. This decline indicates a slight decrease in unrealized profits among BTC holders, reflecting some profit-taking or market cooling after the recent surge. Despite this drop, Bitcoin price remains firmly in the “Belief — Denial” zone, signifying confidence among investors but with caution starting to emerge. BTC…

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Filed under: News - @ December 19, 2024 9:16 pm