Bitcoin’s Bearish Trend Continues Amid Technical and Macro Challenges
- Veteran analyst Josh Olszewicz states that Bitcoin remains bearish below the Ichimoku Cloud, with a key resistance level at $115,000.
- Ethereum trades within the cloud but lacks a long entry signal, with resistance at $4,200.
- Bearish signals for Bitcoin include a Chikou span on the weekly chart and moving-average crosses to the downside.
- Derivatives premiums are at multi-month lows for both BTC and ETH, indicating lack of market froth.
- Ongoing macroeconomic factors such as US government shutdown and rising dollar strength add pressure on Bitcoin’s price.
Josh Olszewicz highlights significant technical and macroeconomic challenges facing Bitcoin, suggesting further downside risk unless key resistance levels are reclaimed. The current bearish sentiment is reinforced by weak derivatives premiums and adverse macro conditions like dollar strength.
At press time, Bitcoin traded at $103,634, underscoring its struggle to break out of the bearish trend without surpassing critical resistance levels. Source
