Viewpoint: Bitcoin Multiple Technical Indicators Point to Short-Term Top Has Been Reached

BlockBeats News, August 29th, Analyst @ali_charts stated that multiple technical indicators for Bitcoin indicate that a short-term top is in:

1. RSI Bearish Divergence: Despite the price continuously hitting new highs, the RSI has been making lower lows. This divergence is similar to the trend from April to November 2021, signaling the end of this cycle.

2. Bearish MACD Cross: The MACD turned bearish this week, aligning with the price drop and increasing downside risk.

3. MVRV Momentum: The Bitcoin MVRV momentum indicator recently experienced a "death cross," indicating a macro momentum shift from positive to negative. Historically, this has been a reliable cyclical top signal.

Key Support Levels: $108,700 is the current level to watch. If the weekly closing price falls below this level, it will confirm a deeper trend shift. Further down, $104,500, the initial on-chain accumulation support. $97,000, a significant historical demand area. $60,000, if the trend fully reverses, this will be the ultimate strong support.

@ali_charts mentioned that bullish arguments require two key confirmations:

$108,700 as a support level.

MVRV momentum indicator showing another golden cross.