Bitcoin Faces Bearish Divergence: Analyst Warns of Weakening Bullish Momentum

In a recent update on Bitcoin market dynamics, COINOTAG highlighted insights from noted cryptocurrency analyst Bluntz. According to an analysis published on May 20th by Cointelegraph, a significant bearish divergence has emerged on the daily chart of Bitcoin. This phenomenon suggests that despite the cryptocurrency’s price reaching impressive new heights, the Relative Strength Index (RSI) is revealing underlying weakness as it registers higher lows. This discrepancy signals that the current buying momentum may be diminishing, potentially hampering Bitcoin’s aspirations to establish a new all-time high within the week. Investors are being advised to proceed with caution given these technical indicators, as they may influence short-term market sentiment.