Craig Wright, the self-proclaimed pseudonymous inventor of the world’s largest cryptocurrency by market capitalization, has been ordered to pay $100 million in the Kleiman v. Wright civil lawsuit. The jury ruled that the Kleiman estate was not entitled to a share of the Bitcoin creator Satoshi Nakamoto’s fortune, which Wright claims to have control over. El Salvador’s dollar-denominated debt has taken a beating in recent weeks, with observers blaming President Bukele’s plan to issue bitcoin bonds for the sell-off. But there’s more to the decline than meets the eye. The MACD histogram is a technical indicator used to identify trend reversals and trend strength.

The indicator’s dip into negative territory implies a bullish-to-bearish trend change. Deeper bars below the zero line indicate a strengthening of bearish momentum.

The previous bearish crossover confirmed in late April was followed by consecutive weekly losses of more than 10% that saw prices drop to $30,000 from $58,000. 

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

Bitcoin is stabilizing above its 200-day moving average, currently at $46,000, after a nearly 20% sell-off over the weekend. The cryptocurrency was roughly flat over the past 24 hours, and was trading at around $49,000 at the end of the New York trading session. BTC is down about 15% over the past week.

The relative strength index (RSI) on the daily chart is the most oversold since July, which preceded a strong price recovery. Still, oversold conditions could persist for several days as sellers gradually exit positions.

BTC is poised for a short-term bounce, although upside appears to be limited toward the $55,000-$60,000 resistance zone. Over the long term, weekly momentum indicators have shifted negative for the first time since April, which preceded a brief crypto bear market.

BTCUSD Supported by EMA 200 In Daily

Dec 07 2021

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