Bitcoin is showing weakness in bullish momentum
Bitcoin is showing weakness in bullish momentum, with a confirmed bearish divergence in the RSI on the Daily, 12H and 8H timeframes. The bulls will need to defend the 98,600 level to maintain bullish momentum. If the bulls are able to defend the 98,600 level, we could see a price movement up to 110,000 to 112,200. In order for this to happen, the RSI will have to hold the 50 level as support and then break the bearish divergence trendline that is currently in play on the 8H TF.
However, if the bulls lose that level, the bears could take over and send the price down to 87,500 level and potentially down to 72,000.
However, if the bulls lose that level, the bears could take over and send the price down to 87,500 level and potentially down to 72,000.
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