While the BTC price increased by nearly 4%, it failed to break out from its primary diagonal resistance, which has remained in place for almost a week.
Until it does, the short-term bounce is likely a relief rally that will not take the price higher, but will create a lower high before another decline.
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Not only is the Bitcoin price still away from its main support of $85,700, but there are no bullish signs at all.
The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are both falling, and neither has generated any bullish divergences.
Well-known analyst Benjamin Cowen believes that the bear market will persist as long as the price of Bitcoin remains below its 50-week Moving Average (MA), which is currently at $102,000.
Besides the crash below the MA, Bitcoin’s chart shows several long-term bearish signals that have previously led to a sustained bear market.
More specifically, the previous time a Bitcoin price decrease was accompanied by an RSI and MACD drop below 50 and 0, respectively, the Bitcoin price confirmed its bear market.
This occurred in January 2022 and resulted in a further 62% decline since the crash.
If the same thing happens this time around, the Bitcoin price will bottom below $40,000.
So, while there is a possibility of a short-term Bitcoin price bounce, fueled by the positive Nvidia Earnings report, the long-term trend remains decisively bearish.
Bitcoin and Nvidia Correlation
Despite the brief boost from Nvidia’s strong earnings, Bitcoin is still struggling beneath key resistance levels and hasn’t shown any real signs of a trend reversal.
Momentum indicators remain weak, and the charts continue to lean bearish in both the short and long term.
Until BTC reclaims its primary technical levels, especially on the higher timeframes, the relief rallies are likely to be just temporary.
For now, the long-term Bitcoin prediction still points toward more downside before a proper bottom forms.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
