Key figures movement indicators show that Bitcoin (BTC) can move on to another move down, according to a recent Bloomberg report on March 12.
The report says, "Technical meters signal long-term demand for Bitcoin demand deteriorate" and as such, buying pressure may increase. Bloomberg notes that the seminal crypto Moving Average Convergence Divergence (MACD) indicator has moved down since mid-February.
MACD is a trend indicator of momentum that shows the relationship between two moving averages of the price of a security.
Bitcoin has tested the $ 4000 tag several times in previous weeks, but has still not been able to break it for a meaningful period. Bloomberg says that, until Bitcoin can break through that level, it's likely to face sales pressure. Bloomberg analyst Mike McGlone said:
"The whole industry is ready to resume a road at lower prices. Conditions are similar to November  just before the collapse. Prices are consolidated within narrowing areas, with some sharp bear market ranks seemingly volatile."  Other business experts have suggested investors expect Bitcoin to move their money to altcoins. EToro senior market analyst Mati Greenspan said:
"It's just that investors see greater potential in some of the smaller tokens at the moment. As we approach the culmination of the crypto winter, we actually see some of the altcoins that give spectacular gains to the past We are now in which industry insiders like to call the whole season. "
On the press, Data from TradingView shows that Bitcoin MACD is 44.3, and points to a" sell "recommendation. The coin is currently trading at $ 3,910.57, up a modest 0.48 percent on the day, according to CoinMarketCap.
Bitcoin 3-month price chart. Source: CoinMarketCap