Cryptocurrencies
Bitcoin Momentum Indicator Suggests Rally Risks Winding Down
- Moving Average Convergence Divergence gauge is declining
- Bitcoin’s average daily gain is trending lower since February
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Bitcoin’s recent rally appears to be losing momentum.
Technical gauges signaling long-term buying demand for Bitcoin are deteriorating, potentially showing that selling pressures could intensify. After logging its first positive returns in seven months during February and rising off its 52-week lows, Bitcoin’s Moving Average Convergence Divergence indicator has been steadily falling since mid-February.