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.

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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.