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Bitcoin may not be able to build on the relief rally as it heads into the year-end, a key technical indicator that\u2019s flipped bearish amid heightened macro risks indicates.<\/p>\n

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• \u201cThe weekly MACD is on a \u2018sell\u2019 signal for the first time since April, increasing risk into year end,\u201d Katie Stockton, founder and managing partner of Fairlead Strategies, said in a weekly research note shared with CoinDesk on Monday. There is room for a further sell-off to a point where the asset starts looking oversold in the intermediate-term, she wrote.<\/li>\n
• The MACD histogram is a technical indicator used to identify trend reversals and trend strength.<\/li>\n
• The indicator\u2019s dip into negative territory implies a bullish-to-bearish trend change. Deeper bars below the zero line indicate strengthening of bearish momentum.<\/li>\n
• The previous bearish crossover confirmed in late April was followed by consecutive weekly losses of more than 10% that saw prices drop to $30,000 from $58,000.<\/li>\n
• While bitcoin has bounced almost 20% from Saturday\u2019s low of under $43,000, the cryptocurrency has yet to retake the bullish trendline from July lows breached last week.<\/li>\n
• According to Stockton, the bounce could be fleeting with upside likely to be capped around resistance at $55,000. Lingering Fed jitters, Omicron fears and China property market concerns indicate limited upside in the short-term.<\/li>\n<\/ul>\n

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