Upon examination, it is evident that each instance of a bearish MACD cross above the zero line has resulted in a subsequent downward movement. Moreover, S&P is exhibiting a head and shoulders (H&S) pattern while facing significant resistance. The prevailing market sentiment leans towards a bearish outlook, suggesting the possibility of a downward trend in the near future.
Note
I bring up the S&P 500 because of how closely the asset correlates with Bitcoin. Since BTC typically moves in lockstep with S&P500, it can be prudent to monitor the S&P500 movement.
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