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Bitcoin price declines amid rising volatility
The price of Bitcoin is trading at $82,435 at the time of writing this report on Friday. The 50-day (EMA), along with the 100-day and 200-day exponential moving averages on the daily chart, are sloping downwards, with the price far below $104,191, $107,700, and $106,570 respectively, reinforcing bearish expectations.
The Moving Average Convergence Divergence (MACD) remains below the signal line and deep under the zero line, with the negative histogram widening, indicating strengthening bearish momentum. Similarly, the Relative Strength Index (RSI) at 21 (in the oversold area) signals extended weakness, suggesting that a rebound may be limited in the short term.
A break below the ascending trendline from $74,561, with the breach occurring around $100,740, confirms the bearish trend.
Daily chart for BTC/USD pair
The negative MACD setup and the expanding histogram below zero keep sellers in control, and the (RSI) below 30 further strengthens bearish momentum. Until the price recovers its major moving averages, any rallies will remain fragile, and the overall trend stays under pressure below the descending curves.