The price action is in a downward trend, with the price falling below the horizontal resistance area of $0.00 after previously moving lower. These divergences are considered bearish signals. Despite this decline, the price of BTC is still achieving a positive 61.18% since the beginning of the year.

RSI

The Relative Strength Index (RSI) provides additional insight into market momentum by measuring the magnitude of Bitcoin's price movements to determine whether it is overvalued or undervalued. Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to make decisions about accumulating or selling assets. Readings above 50 and an upward trend indicate that bulls still have a point of strength, while readings below 50 indicate the opposite.

According to the RSI, on the 4-hour candle timeframe, the price of Bitcoin is currently trending downward with an actual RSI reading of 0.00. The 50 line can provide resistance if the indicator returns to it.