Bitcoin is facing renewed downward pressure as a key technical indicator flashes red.
The ominous signal arrives just as Wall Street giants like Goldman Sachs sound the alarm on a broader near-term selloff in risk assets, creating a potentially hostile macroeconomic environment for the flagship cryptocurrency.
The bearish MACD cross, explained
The immediate concern for cryptocurrency traders stems from a widely tracked momentum indicator. Bitcoin has printed a bearish MACD cross on the daily chart.
For those unfamiliar with technical charting, the Moving Average Convergence Divergence (MACD) is a trend-following momentum indicator used to identify shifts in market control.
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A “bearish cross” occurs when the MACD line (which tracks short-term momentum) crosses below the signal line (which tracks longer-term momentum). Technical analysts view this specific crossover as a strong signal that bullish exhaustion has set in and bears are taking control of the asset’s trajectory.
Bitcoin lags behind equities
The bearish crypto setup is particularly concerning because Bitcoin has already been struggling to capture momentum, even while traditional markets thrived.
While the S&P 500 and Nasdaq 100 surged to record highs earlier in April fueled by resilient corporate earnings and easing geopolitical tensions, Bitcoin has remained stuck in the red. The digital asset is still down roughly 39.6% from its massive all-time high of $126,080, which was achieved seven months ago on October 6, 2025.
Wall Street warns of a coming sell-off
If Bitcoin’s technicals are pointing down, the macroeconomic backdrop isn’t offering much of a safety net. According to a Sunday note from John Flood, head of Americas equities execution services at Goldman Sachs, investors need to brace for a near-term pullback across risk assets.
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