Bitcoin (BTC) Market Shows Signs of Seller Dominance, FxPro's Analyst Says

The BTC market shows signs of seller dominance, FxPro's analyst said.

Bitcoin (BTC) is more likely to fall by $5,000 than rise by the same amount from current levels, an FxPro analyst said Monday.

The BTC market shows signs of seller dominance after bitcoin failed to keep gains above $60,000 in the wake of the death cross, FxPro's senior market analyst Alex Kuptsikevich stated in an email.

"Bitcoin is likely to fall by $5K rather than rise by the same amount," the analyst noted, adding that the 14-day relative strength index (RSI) no longer shows oversold conditions, which is consistent with the recent seller dominance above $60,000.

Bitcoin slid to lows near $42,800 on Aug. 5, triggered by a broad risk-off market tone, Federal Reserve rate hike worries and a sell-off in meme coins like dogecoin (DOGE). The lows marked a roughly 25% decline from an all-time high price above $58,000 seen in late July.

Bitcoin began a recovery from the Aug. 5 lows, rising to levels above $60,000 late last week. The recovery stalled at higher levels as Republican Candidate Donald Trump, who is seen as pro-cryptocurrency by some traders, ceded ground to rival Kamala Harris in prediction markets tied to the outcome of the U.S. elections due Nov. 4.

Meanwhile, bitcoin's failure to sustain gains above $60,000 bodes ill for the cryptocurrency, Kuptsikevich said.

"Bitcoin does not break above $60K and faces selling after it tried to break above the 50- and 200-day MAs late last week, showing seller dominance," the analyst noted.

"The 14-day RSI showed a failure to reach oversold territory after the crash on Monday, losing momentum for further strength," Kuptsikevich added.

The 14-day RSI is a momentum oscillator that measures the speed and change of price movements. An RSI below 30, observed after last Monday's crash, indicates oversold conditions, often presaging a pause in the downtrend and price recovery.

Further to the above, the U.S. July consumer price index (CPI) data is due for release on Wednesday.黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏贴黏

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