Bitcoin's Decline Amidst Pressure from the Strength of the USD
The price of Bitcoin remains stable but is facing challenges due to pressure from a strong US Dollar amidst investor uncertainty about whether the US will change interest rates, especially ahead of key labor market data to be released this week.
Technical analysis on the 4-hour chart shows that the price of Bitcoin is currently below the moving averages SMA 20, 50, and 100, indicating that the market is in a downtrend and may continue to decline in the near future. The Relative Strength Index (RSI) is currently at 40, also indicating a sign of price decline. If the price continues to maintain this level, there is a possibility that Bitcoin will undergo a significant price decline in the coming time.
Technical analysis on the 4-hour chart shows that the price of Bitcoin is currently below the moving averages SMA 20, 50, and 100, indicating that the market is in a downtrend and may continue to decline in the near future. The Relative Strength Index (RSI) is currently at 40, also indicating a sign of price decline. If the price continues to maintain this level, there is a possibility that Bitcoin will undergo a significant price decline in the coming time.
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