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Categories: Bitcoin
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August 22, 2024

Bitcoin Price Action Flashing ‘Pretty Bleak Signs,’ Says Analyst Nicholas Merten – Here’s What He Means

By Mark Emem

A widely followed analyst is saying that Bitcoin (BTC) is sending worrying signals as the flagship crypto asset languishes about 20% below the all-time high reached in March.

In a new video, analyst Nicholas Merten tells his 509,000 YouTube subscribers that Bitcoin is showing weakness after failing to overcome a major resistance level after several attempts.

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“[Bitcoin] price action is showing some pretty bleak signs here… just from a pure price analysis perspective, right now we are still facing consistent resistance for… more than a week and a half here for Bitcoin against that 21-day moving average. We have not gotten one daily close even into the pocket yet every time getting shot down here.”

Source: Nicholas Merten/YouTube

Merten also says that the price of Bitcoin has now collapsed below the 200-day moving average, which typically indicates a bearish phase.

“This is not good guys, this is really not a good thing to see in price.”

The widely followed cryptocurrency analyst further says,

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“What I care about is getting back above those prior highs. If we can’t really get above there and really pioneer new bull market, so to speak… I don’t know how confident I can say I am that this is a new bull market if we can’t clear above that range from the prior highs [of around $69,000] back here in November [of 2021]. Of course, we went a little higher [in March of 2024] but we’re pretty much chopping here.

So unless we can really confirm this prior resistance [of $69,000] in the past as a new base, so to speak, and really slingshot here and get a weekly close above the $72,500 target… then I’m not really interested.”

Source: Nicholas Merten/YouTube

Bitcoin is trading at $59,381 at time of writing.

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