Analyst: Bitcoin Faces Bearish Signals Amid Weakening Momentum

According to BlockBeats, Coindesk analyst Omkar Godbole has identified bearish divergence signals in Bitcoin's 30-day Rate of Change (ROC) indicator, suggesting a weakening momentum in the cryptocurrency's price movements over the past month. Additionally, the MACD histogram on the daily chart, a widely used tool for assessing trend strength and changes, has turned negative, indicating a bearish shift in momentum.These signals suggest that Bitcoin may break below its current ascending channel and potentially test the critical $100,000 support level. Despite these bearish indicators, the overall trend remains optimistic, supported by the recent formation of a 'golden cross' in the 50-day and 200-day Simple Moving Averages (SMA), a technical pattern often associated with bullish market sentiment.