Bearish momentum divergence on RSI oscillator and potential for the downside rotation.
Author
Petar Jaćimović
FXCentrum
Petar Jaćimović was born on 8 July 1989 in Jagodina, Serbia.
Ripple and Stellar trade under pressure after losing over 2% and 3% so far this week. XRP and XLM are both nearing their crucial support zones, which could determine the next directional move. Meanwhile, mixed derivatives and on-chain data suggest upside potential remains limited for both altcoins. CryptoQuant’s summary data shows cautious signs for both altcoins.
Bitcoin trades below $78,000 maintaining a near-term corrective tone amid hawkish macroeconomic factors. US bond market shrugs off the US Treasury's increase in buyback operations to $6 billion in long-term debt as yields continue to rise, signaling an insufficient step amid the ongoing war with Iran.
Bitcoin has continued to recover from its mid-year weakness, outperforming major traditional assets over the past month, amid strong resistance around the $83,000 to $86,000 range. BTC gained 23% over the past 21 trading sessions, while the S&P 500 and Nasdaq 100 were broadly flat and the Euro Stoxx 50 declined, according to a Glassnode report published Wednesday.
![BTC/USD – Potential for the downside correction [Video]](https://editorial.fxsstatic.com/images/i/BTC-neutral-object.png)