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Navigating Bitcoin Market Dynamics Through Technical Analysis
Real-time analysis of the bitcoin chart shows that in early May 2024, there was a loss of medium-term momentum by momentum indicators such as the MACD (Moving-Average-Convergence-Divergence), which has a bearish crossover . The loss of momentum suggests that bitcoin is in a corrective phase that is likely to persist for at least a few more weeks. The downside risk can be framed by the next support on the chart, near $51,500, which is set by 38.2%. Fibonacci Retracement of the uptrend off the 2022 low and reinforced by a rising 200-day moving average.