Bitcoin (BTC)’s short-term technical outlook is not looking good.
The world’s first and largest cryptocurrency by market capitalization has now pulled more than 13% lower versus the yearly highs it printed back in April to the north of the $31,000 level.
In doing so, it has fallen convincingly to the south of its 21 and 50-Day Moving Averages (both in the mid-$28,000s) and was last changing hands just under the $27,000….
Read More: Bitcoin Will Probably Retest $25K But Bears Beware, On-chain Indicators Suggest BTC Price in Early-Stage Bull Market