The chart shows bitcoin's hourly price swings in candlestick format since late March.
BTC has dived out of an ascending trendline (white dashed line) that guided its upward trajectory since early this month. Moreover, prices are trading at a discount to their 50- and 200-hour averages.
That configuration points to uptrend exhaustion and scope for a deeper price pullback. The bullish case would reassert itself if prices reclaim both moving averages.
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