Bitcoin Nears Bearish Milestones as TD Sequential Sell Signal Prints
Bitcoin's price is currently hovering around $62.9K as it navigates through a bearish trend. The TD Sequential sell signal has printed just ahead of August, a historically weak month for Bitcoin.
The asset's chart is forming a bearish engulfing pattern on the daily chart, and the MACD line sits below its signal line, indicating accelerating selling pressure.
Key support levels are $60K-$61K and $58K-$60K, with a breakdown opening the path to $55K. Traders view this as a clean downtrend-continuation environment within the market.
The Relative Strength Index (RSI) reading is at 38.29, indicating strong bearish momentum, but it's creeping even lower, potentially due for a bounce. BTC traders look at support levels as it moves closer to 30 for potential signs of buyer exhaustion.