Bitcoin facing potential overheating as bearish divergence signal emerges despite its recent rally to over $56,000
According to the 100eyes Crypto Scanner, a notable bearish divergence has been spotted in the BTC-USDT pairing. This hints at possible downward pressure on the leading digital currency. A bearish divergence occurs when the price of an asset, such as Bitcoin, marks a new high, but a related indicator, like the Relative Strength Index , fails to record a new high.
Specifically, the RSI bearish divergence noted by the 100eyes Crypto Scanner indicates that, despite Bitcoin's recent price gains, the momentum behind these gains is slowing. In the meantime, the Bitcoin market is experiencing intense speculation based on activity across exchanges, capital flows, derivatives leverage and institutional demand, according to Glassnode.Despite the bearish signals, there is contrasting sentiment observed on the market, indicating a growing risk appetite among Bitcoin investors. has broken through a key resistance level that had been in place for 2-3 years.
Bearish indicators should not be ignored, but the underlying market dynamics and investor sentiment could support continued growth in Bitcoin's value.Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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