Cryptocurrency analyst and trader Ali Martinez is warning that Bitcoin (BTC) is flashing a bearish signal on the Moving Average Convergence (MACD) indicator.
Martinez tells his 152,600 followers on the social media platform X that Bitcoin has printed a death cross on the weekly MACD, an indicator used to identify changes in the momentum of price.
-->According to the widely followed analyst, the death cross on the MACD is “historically a warning of downside risk.” A death cross on the MACD occurs when the indicator’s faster exponential moving average crosses below the indicator’s slower exponential moving average.
Source: Ali Martinez/XMartinez also says that Bitcoin has been trading in the $112,000 to $124,000 price range, and a breakdown below the support area could see Bitcoin falling to $106,000 at first and then $100,000.
Source: Ali Martinez/XMartinez also says Santiment’s data indicates that over the past two weeks, a stash of 20,000 Bitcoin worth approximately $2.4 billion was moved to crypto exchanges, soon after the crypto king hit a new all-time high in mid-August.
Source: Ali Martinez/XThe widely followed analyst further says that Bitcoin whales sold a total of 50,000 BTC worth approximately $6 billion over the last two weeks.
Source: Ali Martinez/XCiting data from analytics platform Santiment’s social volume and weighted sentiment metric, Martinez says,
“Bitcoin sentiment just hit its most negative level on social media since June!”
Source: Ali Martinez/XBitcoin is trading at $111,191 at time of writing, down by around 10 from the all-time high reached earlier this month.
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