Technical Breakdown: Bears Control the Short-Term Trend
The 1-hour chart captures a clear downward trajectory from a recent local peak near $82,048. After hitting that high, intensive selling pressure pushed the price down, establishing a series of lower highs and lower lows.
1. Moving Averages (MA) Realignment
The price action is currently trading below all three major Moving Averages on this timeframe, which signals a strong short-term bearish momentum: