Top Analyst Identifies a “Red Flag” in Bitcoin (BTC) On-Chain Indicators

The price of bitcoin has fallen below the key support level of $36,400 identified by top crypto analyst Ali earlier today. At the time of writing, bitcoin is trading around $36,119, down nearly 2% in the last 24 hours.

In an earlier tweet, Ali had noted that $36,400 was providing stable support for bitcoin. However, he warned that a break below this level would open the doors for a drop to $34,300.

This warning now seems to be playing out, as bitcoin has decisively moved below the $36,400 support. With the bears in control, Ali’s next target of $34,300 now looks likely.

“Bitcoin has found stable support around $36,400, but if this level breaks, the next critical demand zones for $BTC are at $34,300 and $30,200.”

As Ali pointed out in the next tweet, the divergence between bitcoin’s price and network growth is a bearish signal that indicates a lack of upside momentum.

“When $BTC price climbs, but network growth slows down, it’s a red flag. It suggests the uptrend might not have enough momentum to sustain. This bearish divergence between #BTC price and network growth is an on-chain sell signal traders should be aware of.”

This warning sign has now materialized into a breakdown below the key support level. Unless bitcoin can reclaim $36,400 quickly, Ali’s bearish target of $34,300 looks imminent.

Check $RECQ Meme Coin

Sponsored: Invest Responsibly, Do Your Own Research.
Serves as the base currency for all transactions within the Rebel Satoshi platform
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Sarah Wurfel
Sarah Wurfel

Sarah Wurfel works as a social media editor for CaptainAltcoin and specializes in the production of videos and video reports. She studied media and communication informatics. Sarah has been a big fan of the revolutionary potential of crypto currencies for years and accordingly also concentrated on the areas of IT security and cryptography in her studies.

CaptainAltcoin
Logo