Bitcoin Faces Potential Short-Term Top Amid Technical Indicators

According to BlockBeats, analyst @ali_charts has identified several technical indicators suggesting that Bitcoin may be approaching a short-term top. Firstly, there is a divergence in the Relative Strength Index (RSI), where despite Bitcoin's price reaching new highs, the RSI has been consistently hitting new lows. This pattern is reminiscent of the trend observed between April and November 2021, indicating a possible end to the current cycle. Secondly, the Moving Average Convergence Divergence (MACD) has turned bearish this week, aligning with the price decline and increasing the risk of further downward movement. Additionally, the Market Value to Realized Value (MVRV) momentum indicator has recently experienced a 'death cross,' suggesting a shift from positive to negative macro momentum. Historically, this has been a reliable signal of cyclical peaks. Key support levels have been identified, with $108,700 being crucial. A weekly close below this level could confirm a deeper trend shift. Further support levels include $104,500, marking the first on-chain accumulation support, $97,000 as a major historical demand zone, and $60,000 as the ultimate deep support if the trend fully unwinds. @ali_charts notes that for a bullish outlook, two key validations are necessary: maintaining $108,700 as a support level and the MVRV momentum indicator showing a golden cross again.