Today's Bitcoin market trend is tumultuous, but the rebound strength is clearly insufficient. On the hourly level, technical indicators also show significant bearish signals. In the hourly chart, the MACD indicator forms a second death cross below the zero axis, and the green momentum bars have been continuously expanding for three consecutive periods. Meanwhile, the RSI indicator has quickly dropped from the neutral zone of 50 to the oversold range of 35. This series of changes clearly indicates that the bearish forces in the market are shifting from the previous 'consolidation adjustment' phase to a more aggressive 'active selling' phase.
The bearish outlook remains unchanged for the evening.
