Analysts fear Bitcoin is on the path to retesting its swing low at $17,600, but a positive divergence on a key price metric suggests that bearish momentum could be weakening.
The S&P 500 index has declined about 5% this week while the Nasdaq Composite is down more than 5.5%. Investors fear that the Federal Reserve’s aggressive rate hikes could cause an economic downturn. The yield curve between the two-year and 10-year Treasury notes, which is watched closely by analysts for predicting a recession, hasAmong all the mayhem, it is encouraging to see that Bitcoin has outperformed both the major indexes and has fallen less than 4% in the week.
A weak rebound off this zone will indicate a lack of aggressive buying by the bulls. That could increase the possibility of a decline below the crucial June low at 3,636. If this support collapses, the index could plunge toward 3,325. The sharp rally of the past few days has pushed the RSI into the overbought zone, which suggests a minor consolidation or correction is possible in the next few days.
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