Bitcoin completed the best quarter in history, closing in on the red month of March but with the biggest dollar to dollar gain in its history. However now, we can see a few bearish signs popping up so let’s read the analysis in our BTC news today.
Despite how strong the ongoing bull trend was in the first quarter of the year, the candle that ended in March closed with massively bearish signals as well. Due to the fact that both BTC’s biggest bull markets topped as the fourth quarter of the year finished, Q1 is one of the worst quarters for the cryptocurrency by market cap.
Even in 2020, the quarter ended with a bearish sentiment and took BTC back below $4000 before it was all done. This year in March, the bulls sustained the month in the green and closed out on the biggest monthly candle in terms of total dollars moved. The candle climbed double over the month and added more than $28,000 per coin but despite the huge move, bitcoin had to pump more than $20,000 or higher to avoid the bearish divergence on the quarterly RSI. According to the RSI, the trend strength measuring gauge showed that the trend is less strong than the initial buying momentum that took BTC to over $20K even though now the coin is trading at three times that.
The current bull market peak was set at $61,800 and if the bearish divergence confirms, things will turn down for a while. The bull cryptocurrency shook off most of its bearish signals since Q4 of last year when the initial breakout happened. Bitcoin completed the best quarter in history but a correction at current levels will be very good for Bitcoin’s health and will bring more interest and demand to the market with more supply to be bought overall.
BTC never closed in five consecutive quarterly candles green but the most recent close was its fourth so if the current candle closes green, chances are the top of the coin will be in. If things close red, the bulls could have another full year with an upward trajectory once the short-term correction is out of the way.