Real-time analysis of the chart of bitcoin shows that, as of early-May 2024, there was a loss of intermediate-term momentum per momentum indicators like the MACD (Moving-Average-Convergence-Divergence), which has a bearish crossover. The loss of momentum suggests that bitcoin is in a corrective phase that should persist for at least another few weeks. Downside risk can be framed by the next support on the chart, near $51,500, which is defined by a 38.2% Fibonacci retracement of the uptrend off the 2022 low and bolstered by a rising 200-day moving average.
Source: https://www.coindesk.com/markets/2024/05/08/what-technical-analysis-tells-us-about-the-bitcoin-market/?utm_medium=referral&utm_source=rss&utm_campaign=headlines