Bitcoin analyst predicts further losses in the short term, with a price down $5,000 from the current market rate of around $58,500. “Bitcoin is likely to fall $5,000 rather than rise by the same amount,” FxPro’s Alex Kuptsikevich said in an email. Kuptsikevich’s bearish stance stems from bitcoin’s failure to sustain gains above $60,000 following the death cross, a bearish crossover of the 50-day and 200-day simple moving averages. “Bitcoin is not above $60,000 and is facing selling after attempting to break above the 50-day and 200-day simple moving averages late last week, showing seller dominance,” Kuptsikevich noted. He added that the 14-day relative strength index (RSI) is no longer showing oversold conditions, meaning there is room for another leg lower, consistent with seller dominance above $60,000 recently.
