Bitcoin U-Turn? Reversal From Important Fibonacci Level Sends Bearish Signal

BTC/USD-Weekly Chart

Bitcoin chatter is rising again. With new ETFs coming to market, crypto investors are getting very bullish.

Is this a good thing? Or is too much bullishness about to send Bitcoin spiraling?

Today we look at a long-term “weekly” chart with Fibonacci levels to show why bears may be circling Bitcoin right now.

Last week, Bitcoin created a bearish reversal at its 61% Fibonacci retracement level. And continued weakness is taking place this week… there’s a potential that Bitcoin will break below its 50% Fib level at (1).

It’s also worth noting the RSI divergence in the top pane.

Looks like Bitcoin may be attempting a trading U-turn of sorts here. Stay tuned.

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