Top Trader Warns Bitcoin Showing Multiple Bearish Signals, Trend Changing Character

A trader who profited from the 2023 crypto breakout is cautioning that Bitcoin's strong uptrend is displaying signs of weakness for the first time since spot market exchange-traded funds (ETFs) were approved in January. The trader, known as DonAlt, observes that BTC's strong uptrend this year is beginning to show signs of exhaustion, and that the market structure on the lower time frame is concerning. With Bitcoin trading close to its high time frame resistance at $69,000, DonAlt says that the setup favors BTC bears, but notes that this is not necessarily a bearish sign. At the time of writing, Bitcoin is trading at $66,163, down over 4% in the last 24 hours.