Is Bitcoin headed in direction of $50k? Symptoms point to additional losses

• Quite a few indicators propose a optimistic outlook for Bitcoin in the HTF, but a further retracement may be looming.
• The latest ETF inflows presented temporary aid for bullish sentiment.

Bitcoin [BTC] took a bearish flip on the shorter timeframe charts after surging to $65.5k early in the 7 days on May well 6th.

The aid stage of $63.3k succumbed to marketing pressure and switched to resistance on May possibly 7th.

Problems about a minimize in the accumulation of BTC could guide to further declines due to a absence of demand. In spite of promising inflows on Monday, the outlook for Bitcoin remained pessimistic.

The $62.1k amount struggles as the downtrend gains momentum

Source: BTC/USDT on TradingView

The past investing array for BTC had its lows all over $59.7k. A breach of this degree on May possibly 1st observed the $65k area retested as resistance.

This indicated a bearish sector framework.

The RSI on the everyday chart dipped below the neutral 50 mark, signaling bearish momentum. On the other hand, the OBV rose higher than a local resistance level and ongoing to protect it at the time of composing.

Even so, it is possible that Bitcoin could decrease in the direction of the $55k stage or even lower in the months to come.

In the last two months, there has been considerable selling pressure, probably foremost price ranges more south.

Explanations why Bitcoin cannot quickly reverse its bullish development

Supply: Hyblock

The specialized assessment suggests a bearish bias. Right after a powerful shift, rates normally involve time to consolidate.

By breaking down below the assortment very low at $59.7k, BTC indicated that the consolidation section had not still arrived, and the downtrend was nonetheless intact.

Look at out Bitcoin’s [BTC] Price Prediction for 2024-25

The essential help amounts at $56k and $51.5k are the following significant zones for Bitcoin. On the upside, the $68.5k-$70k vary could carry about a bearish reversal.

Looking at the technical indicators, a downward movement seems a lot more probable.