Bitcoin's bullish momentum may have peaked, facing resistance and potential downside pressure

From Investing.com

August 07, 2024 10:00 AM:

Renowned trader Peter Brandt shared a chart hinting at potential future Bitcoin price fluctuations. The chart suggests Bitcoin may have peaked, with the RSI falling at every new high. This could limit short-term growth and face resistance in the future. Brandt emphasizes understanding “binary price possibilities” for BTC outcomes.

Bitcoin’s bullish momentum may have dwindled, leaving it vulnerable to downside pressure. The chart indicates a possible reversal or prolonged correction. BTC price remains volatile due to macroeconomic factors and regulatory changes. Institutional investors play a crucial role, with a rebound in institutional inflows hinting at a potential uptrend continuation.

Read more at Investing.com: Take This Bitcoin Chart ‘Seriously’ By U.Today