PANews reported on March 3rd, citing Cointelegraph, that 10x Research noted in a market update report that Bitcoin's recent price action may indicate waning sellingPANews reported on March 3rd, citing Cointelegraph, that 10x Research noted in a market update report that Bitcoin's recent price action may indicate waning selling
Analysts: Bitcoin's decline has slowed, but the bear market is not over yet.
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PANews reported on March 3rd, citing Cointelegraph, that 10x Research noted in a market update report that Bitcoin's recent price action may indicate waning selling pressure, but there are no signs of a bear market reversal. Analysts stated that Bitcoin's failure to accelerate its decline in the face of risk aversion news suggests that downward pressure may be losing momentum. Bitcoin is recovering the 20-day moving average near $68,500, and the Bollinger Bands are tightening, creating conditions for potential range expansion. The $62,500 level has held on three tests, reinforcing its significance as a key support level. Meanwhile, the RSI and Stochastic indicators are trending upwards, and a bullish divergence is forming, an early sign that momentum may be stabilizing within a broader bearish structure. Analysts believe this evidence points to a meaningful tactical shift, but a structural reversal has not yet been confirmed.
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