Analyst: Bitcoin momentum indicators weaken, if history repeats itself, BTC may fall below 60,000 USD

According to CoinDesk, crypto analyst Omkar Godbole stated that the Bitcoin weekly MACD histogram fell below the zero line this week, indicating a weakening price momentum. If the histogram remains negative at the weekly close on Sunday, the bearish signal will be confirmed. Based on the price of approximately $69,000 at the time of the report, if the decline reaches 16%, Bitcoin will drop below $60,000 and approach this year's low of around $57,700.

Statistics show that since November 2012, the Bitcoin weekly MACD has generated 24 bearish signals. Among them, in 13 instances, Bitcoin fell at least 16% before the indicator turned bullish again after the signal was confirmed. Of these 13 instances, 5 reached this decline within a week, and 10 within four weeks, with a median time of three weeks. In November 2018 and February 2014, Bitcoin fell 38% and 35% respectively within a week after the signal was confirmed.

However, in the other 11 instances, the declines were all less than 16%. The most recent bearish signal appeared in June this year, when Bitcoin only fell about 3% to $57,700 before rebounding. This signal emerged amid outflows from U.S. spot Bitcoin ETFs and a strengthening dollar, but a single technical indicator is insufficient to determine whether Bitcoin will revisit this year's low.