Summary
- The representative volume indicator OBV is sending a bearish signal, raising the possibility that Bitcoin could fall below $100,000.
- OBV has fallen to its lowest level since April, which indicates weakening demand and increased selling pressure.
- Godbole added that the MACD histogram is also showing a bearish trend.
The representative volume indicator OBV(On-Balance Volume) is sending a bearish signal, and a warning has been raised that the Bitcoin price could fall below $100,000.
On the 23rd (local time), CoinDesk analyst Omkar Godbole said, "Bitcoin appears to have formed a solid support by staying above $100,000 for the past four months, but the volume indicator points in the opposite direction."
He explained, "OBV is widely used to confirm price trends, being called the 'grand daddy' of all volume indicators," adding, "If OBV breaks down below its own support while price remains in a trading range, this suggests the price may break to the downside in the future."
According to the attached data, the current daily OBV for Bitcoin has fallen to its lowest level since April 24. At that time, the Bitcoin price was about $94,000. Godbole emphasized, "The OBV decline means weakening demand and increased selling pressure," and said, "Bitcoin's price is likely to be pushed below $100,000." He added that the momentum indicator MACD histogram also shows a bearish flow.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
