- Price issued a false breakout yesterday and now trades back in the consolidation area.
- 8,800 was rejected with some force and now BTC/USD trades at 8,329.00.
Bitcoin has broken back into the previous consolidation area between 7,701.00 and 8,659.40.
The relative strength index (RSI) indicator has also broken its trendline to trade lower.
The value area is around 8,200 and this is represented by the peak of the bell curve on the right-hand side.
There was a clue to the weakness as the RSI indicator made a lower high as the price made a higher high. This is called a bearish divergence.
Sentiment has been low since the Bitwise ETF proposal was rejected by the SEC for a second time.
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