Bitcoin price continues to be bearish after recording a year-round high of $25,250 on the 25th of last month.
Bitcoin’s Relative Strength Index (RSI) recently fell back below 50, signaling bearishness, while the price trend also broke away from its upward support line, signaling the end of its upward move.
Source: TradingView
According to Bitcoinist, if this trend continues, the closest support level is likely to be at $20,850.
On the other hand, a break above the resistance level of $23,800 would invalidate this bearish outlook and could push the price closer to $27,000.
Meanwhile, Bitcoin Dominance (BTCD), which represents Bitcoin’s market share, has been declining since peaking at 44.8% in January.
Current trends suggest that BTCD is more likely to break down to the 41% support level than rebound to its previous highs, the Bitcoinist predicts.
According to CoinMarketCap data, in the morning of New York time, Bitcoin traded at $22,478, up 0.1% from 24 hours ago.
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