Cryptocurrencies
Bitcoin’s Recent Rally May Have Run Its Course, Technicals Show
- DVAN Buying and Selling Pressure gauge falls below trend line
- Crypto fans remain bullish given Bitcoin’s 35% gain this year
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Bitcoin fans have been heartened by its recent rally, but a technical indicator points to a potential slump ahead.
Based on the DVAN Buying and Selling Pressure Indicator, which depicts bull/bear trends, Bitcoin fell below the trend line for the first time since late May, suggesting the coin may be forming a new selling pattern. The world’s largest digital token sees resistance at $10,000 and any drop will likely first test $9,500, which would imply a 2% retreat from current levels.