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Key price movement indicators show that Bitcoin (BTC) could record a further decline, according to a recent Bloomberg report of 12 March.
The report states that "technical gauges indicating a long-term demand for the purchase of Bitcoin are deteriorating" and that, as a result, buying pressure could increase. Bloomberg notes that the crypto-key moving average convergence divergence (MACD) indicator has been trending down since mid-February.
The MACD is a momentum indicator that tracks the trend and shows the relationship between two moving averages of the price of a security.
Bitcoin has tested the $ 4,000 mark several times over the past few weeks, but has not yet managed to exceed this threshold for a significant period of time. Bloomberg says that until Bitcoin is able to break through this level, it is likely to be pressured into selling. Mike McGlone, an analyst at Bloomberg, said:
"The whole sector is ready to resume the path of lower prices. Conditions are similar to november [2018]just before the collapse. Prices are consolidating in increasingly narrow ranges, with some strong bear market recoveries that seem fleeting. "
Other industry experts have suggested that investors give up Bitcoin to transfer their money to altcoins. EToro's Senior Market Analyst, Mati Greenspan, said:
"It's just that investors are seeing more potential in some of the smaller chips at the moment. As we approach the climax of crypto winter, we find that some altcoins are showing dramatic gains in recent weeks. We are now in what industry insiders like to call the whole season. "
At press time, TradingView data indicates that the Bitcoin MACD is at 44.3, indicating a "sell" recommendation. The currency is currently trading at $ 3,910.57, up 0.48% on the day, according to CoinMarketCap.
Bitcoin price chart at 3 months. Source: CoinMarketCap
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