Analyst: BTC's broader downtrend is still in play

Despite Bitcoin's rise to $69,380, its broader downtrend remains active, according to cryptocurrency analyst Aaron Dishner. In an X post, Dishner argued that recent trading volume has diminished with each rebound, and the On-Balance Volume (OBV) indicator only halted its month-long decline yesterday. He noted that while the Relative Strength Index (RSI) has bounced from 25.61 to 51.69, suggesting a potential bullish divergence, this trend is not yet confirmed. Meanwhile, a bear flag pattern—a sharp decline followed by consolidation before another drop—remains valid. To invalidate this pattern, BTC would need a daily close above $69,000. Dishner compared the current rebound to a similar pattern seen in 2022 before a 30% price crash. He explained that he would reconsider his bearish stance if the $60,000 level is firmly established as a bottom, but for now, the price action is too similar to 2022. He concluded that the major downtrend is ongoing and could see prices fall to $49,000.