Bitcoin (BTC) is sending out warning signs as the flagship crypto asset falls about 20% below its all-time high reached in March, according to a popular analyst.
In a new video, analyst Nicholas Merten tells his 509,000 YouTube subscribers that Bitcoin is showing weakness after failing to break through a major resistance level after several attempts.
«[Bitcoin] “the price action is showing some pretty grim signs here… just from a pure price analysis perspective, right now we’re still facing consistent resistance for… over a week and a half here for bitcoin against that 21-day moving average. We haven’t gotten a single daily close yet even in the pocket every time we’ve gotten knocked down here.”
Merten also says that Bitcoin’s price has now fallen below its 200-day moving average, which typically indicates a bearish phase.
“This is not good, guys, this is really not good, for the price.”
The widely known cryptocurrency analyst goes on to say:
“What worries me is that we have to get back above these previous highs. If we can’t really get above that and pioneer a new bull market, so to speak… I don’t know how confident I can be that this is a new bull market if we can’t clear that range of previous highs [of around $69,000] we’ll be back here in November [of 2021]Of course, we went a little higher. [in March of 2024] but we mainly chop here.
So if we really can’t confirm this prior resistance, [of $69,000] in the past as a new base, so to speak, and to really shoot up here and get a weekly close above the $72,500 target… then I’m not really interested.”
At the time of writing, Bitcoin is trading at $59,381.
