So far, Bitcoin has failed to move above 31 411.48 USD, which puts the odds in bearish favor. Technical and fundamental factors also stay bearish . Therefore, we have no reason to change our bearish bias. We expect BTCUSD to form a new low below 25 000 USD.

Technical analysis – daily time frame
RSI , MACD , and Stochastic remain bearish . The same applies to DM+ and DM-. ADX is highly elevated, suggesting a powerful downtrend or “peaking” trend; however, we are inclined towards the “powerful downtrend” interpretation. Overall, the daily time frame is bearish .

Technical analysis – weekly time frame
RSI , MACD , and Stochastic remain bearish . The same applies to DM+ and DM-. ADX grows. Overall, the weekly time frame shows an intact bearish trend .

Please feel free to express your ideas and thoughts in the comment section.

DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.