TechFlow news, on August 13, according to CoinDesk, FxPro analyst Alex Kuptsikevich pointed out that the Bitcoin market is showing signs of seller dominance. Although Bitcoin quickly rebounded after falling below $50,000 last Monday and bullish sentiment has somewhat recovered, it may still drop by $5,000 from its current market price of around $58,500 in the short term.
Kuptsikevich noted that Bitcoin failed to stay above $60,000 following the "death cross," with the bearish crossover between the 50-day and 200-day simple moving averages indicating sellers' control. He added that the 14-day Relative Strength Index (RSI) no longer shows an oversold condition, suggesting the market could decline further. If the U.S. July Consumer Price Index data (to be released on Wednesday) shows rising inflation, it could dampen expectations for Federal Reserve rate cuts, thereby increasing the likelihood of short-term weakness in Bitcoin's price.
