Cryptocurrency analyst and trader Jason Pizzino has expressed a bearish outlook on Bitcoin amid ongoing market challenges. In a recent video shared with his 348,000 YouTube followers, Pizzino emphasized the increasing likelihood of a downturn in Bitcoin and other cryptocurrencies.
Pizzino points out declining interest in Bitcoin as a bearish indicator.
"One aspect I'm noting is the reduced search interest in Bitcoin and crypto, as observed through Google Trends. Current volumes are at 24 out of a maximum of 100 for Bitcoin and 12 for crypto," he explained.
In a broader context, Pizzino noted that declining daily exchange volumes, which reflect all trades executed on centralized exchanges within a 24-hour period, are also signaling a bearish trend. "Exchange volumes haven't plummeted below $50 billion, nor have they returned to lows of $30 billion, yet they remain far from previous highs of $130 billion. The pattern clearly shows declining trends with lower highs and lower lows," he observed.
For Bitcoin's momentum to shift positively, Pizzino indicates that the price would need to surpass significant resistance levels. "The critical point to watch is the high reached on February 3rd, at $102,600. For momentum to turn bullish, Bitcoin must breach and sustain above $103,000, closing above these levels at the day's end," he stated.
As of the time of writing, Bitcoin is trading at $96,220.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.