The 200-day simple moving average of bitcoin's price is about to lose its bullish momentum, reflecting an increasing caution in the market ahead of U.S. job data.
With the 50- and 100-day moving averages turning lower and crossing below the 200-day SMA, market sentiment is showing signs of bearishness for BTC.
Analysts warn that market conditions are deteriorating, with a significant risk of a global recession influencing Bitcoin's price and overall sentiment in the financial markets.
Despite some indicators of a dollar's weakness, broader financial anxiety is suppressing Bitcoin's performance, contrasting with the stronger movement in gold.
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