Bitcoin Loses Momentum After Testing Bearish Trend Resistance
Bitcoin (BTCUSD) lost momentum after testing bearish trend resistance on September 15th. The price declined during intraday trading, exposing it to negative pressure that pushed it lower. This comes alongside the emergence of negative signals from relative strength indicators after reaching severely overbought levels.
The negative pressure around the price is intensifying amid the possibility of breaking EMA50's support, which represents an important dynamic support level. Losing this support could reinforce the bearish path and increase the chances of further declines in the near term.