Bitcoin hangs by a thread as an increase in selling pressures sends major cryptocurrencies back to critical support levels. The number one crypto could return to the bottom of its current range If bulls are unable to step in and push back on this fresh bearish assault. Related Reading: TA- Price Of Ethereum Struggles To Hold $1,700, Are Bears Taking Over? At the time of writing, Bitcoin’s (BTC) price trades at $21,400 with a 9% loss and an 11% loss in the last 24 hours and 7 days, respectively. Ethereum continues to outperform BTC’s price as it has been able to hold on to part of the gains from last week, but bulls must draw the line at the resistance turned support on $1,700. According to senior market analyst for Cubic Analytics Caleb Franzen, Bitcoin’s bearish momentum might be about to increase. The cryptocurrency is flashing a potential selling signal according to the 4-week Williams%R oscillator, an indicator used to measure an asset’s momentum. The Williams%R indicates that Bitcoin has gone from overbought levels to oversold, according to Franzen. As seen in the chart below, whenever this indicator signals oversold, the price of Bitcoin has trended to the downside. This indicator has successfully predicted June’s 2021 major crypto crash when the price of Bitcoin dropped from a yearly high north of $64,000, and the most recent downside trend when BTC finally lost $40,000 and reached its lowest price in two years at...
