Technical Analysis: Noticeable Bearish Divergence in Bitcoin’s Price

2 - 3 minute read

As of December 25th, the price of Bitcoin (BTC) has reached $16,791.80. The cryptocurrency’s market capitalization is currently over $317 billion, and its relative strength index (RSI) is showing a bearish divergence from the slight upward trend seen in the past week. In comparison, the S&P 500 index has seen a 4.50% increase in value over the same time period.

Billionaire investor Mark Cuban has recently defended Bitcoin, stating that anyone investing in gold is “dumb as f***”. Cuban has also expressed interest in buying the cryptocurrency at much lower prices. Meanwhile, public Bitcoin mining companies have been plagued with $4 billion of collective debt, according to Cointelegraph.

It remains uncertain whether Bitcoin’s price will continue to rise or experience a correction in the near future. Traders should continue to monitor the performance of the cryptocurrency and stay informed about any news or developments that may impact its value.

Disclaimer: The content in this article is provided for informational purposes only and should not be considered as financial or trading advice. We are not financial advisors, and trading carries high risk. Always consult a professional financial advisor before making any investment decisions.

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