Benzinga - Bitcoin (CRYPTO: BTC) has recently witnessed a significant technical indicator, prompting a sell-off signal. This development has raised concerns among traders and investors.
What Happened: On Wednesday, crypto analyst Ali Martinez took to social media platform X to alert the community about the TD Sequential indicator signaling a sell-off on Bitcoin’s 12-hour chart.
The digital currency is also encountering resistance at the mid-level of a parallel channel, Martinez warned. “Exercise caution, given this indicator’s track record. Particularly watchful if $BTC drops below the $65,500 support level,” he wrote.
The TD Sequential indicator has flashed a sell signal on the 12-hour chart, with #Bitcoin facing resistance at the mid-level of a parallel channel!Exercise caution, given this indicator's track record. Particularly watchful if $BTC drops below the $65,500 support level. pic.twitter.com/m7iquoi1L5
— Ali (@ali_charts) April 24, 2024
The TD Sequential is a crucial technical analysis tool that helps traders identify potential price reversals and trend exhaustion. By understanding its calculation and interpretation, traders can incorporate it into their trading strategies to improve their market timing.
See Also: Dogecoin, Shiba Inu And Other Memecoins Fueling Mass Adoption Of Base’s L2 Network, Coinbase Exec Says: ‘They Are Going To Be One Of The Biggest Drivers’
Why It Matters: Despite the recent sell signal, some traders remain optimistic about Bitcoin’s future. Pseudonymous cryptocurrency trader Tim believes that the current consolidation phase is healthy and anticipates a bullish continuation. He points to several indicators, including Bitcoin’s rally over the past 14 months, as evidence of a potential upswing.
In a related development, Morgan Stanley is considering expanding its Bitcoin ETF offerings through its broker network. This move could potentially increase Bitcoin’s accessibility to a broader investor base.
Meanwhile, for those looking to access liquidity without selling their Bitcoin, crypto-backed loans offer a strategic avenue for maintaining ownership of their digital assets while accessing liquid funds in the form of fiat or stablecoins.
Price Action: Based on data sourced from Benzinga Pro, Bitcoin is presently priced at $64,036, marking a slight decrease of 0.70% over the past 24 hours. However, it has surged impressively by 44.97% since the beginning of the year.
Read Next: Holding 6 Ethereum (ETH) Could Make You A Millionaire, According to Cathie Wood
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