$BTC Momentum Indicator for BTC Shows Early Bearish Signs📈📈📈
The price of Bitcoin is trading below $68,500 on Monday. The short-term bias has turned slightly bearish as the price remains below the upper boundary of the channel around $72,600 while respecting the lower boundary around $65,900, indicating that sellers are dominating the rally in a downward structure. The daily close remains well below the 50-day and 100-day Exponential Moving Averages (EMA), which are concentrated between $72,000 and $78,000, affirming a corrective phase within a broader range.
Momentum conditions support this tone, with the Relative Strength Index (RSI) on the daily chart retreating to the low 40s range and the Moving Average Convergence Divergence (MACD) line dropping below the signal line into negative territory, while the widening negative histogram indicates increasing selling interest.
Initial resistance aligns with the swing high from Sunday near $69,000, followed by the peak of the channel just below $72,600, where the 50-day Exponential Moving Average (EMA) above reinforces the supply zone; a daily close above this meeting point is needed to alleviate the current bearish bias and pave the way toward $73,500 and higher.
On the downside, the nearest support aligns with the lowest channel and the latest low reaction around $65,900, with a firm close below this area opening the way toward the next psychological support zone near $64,000. As long as BTC remains below $69,000 and the EMA cluster above, the risk remains tilted towards further testing of the lower channel support rather than a sustained upward reversal.