This is a very common trend reversal signal for technical traders. This is reinforced by seeing it twice in the past few months. Combined with the fact that all three major averages converged around $47k-$45k and the price rejected that level vigorously.
Note the strong associated with these drops. This gives the downtrend more credence . In a bull market, we would expect the up days to have stronger than the down days and the reverse in a bear market.
Legislatively, there is uncertainty on the horizon with new crypto regulations being proposed in H.R.3684 – Infrastructure Investment and Jobs Act and H.R.4741 – Digital Asset Market Structure and Investor Protection Act.
The next halving is estimated as Spring 2024, which has been a frequent catalyst for price increases, so there is no help from fundamentals either.
All further confirmation of the bear market hypothesis.
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