Citigroup Sharply Cuts Bitcoin and Ethereum Forecasts

Citigroup's sharp downward revision of Bitcoin and Ethereum forecasts may be perceived as a negative signal on the institutional side. Technically, the price is trading below both the 20-day and 50-day moving averages, with the RSI at 42 in weak territory. The MACD line is below the signal line and in negative territory, confirming short-term downward momentum. The 1.2% decline over the past 24 hours further supports this bearish outlook. However, since the market has not yet entered oversold territory, the risk of an accelerated decline may be limited.

Citigroup's sharp reduction in Bitcoin and Ethereum forecasts could create a negative atmosphere on the institutional side. Technically, ETH is trading below its 20- and 50-day moving averages, with the RSI at 45, indicating weak momentum. The MACD line remains below the signal line, suggesting negative short-term momentum. If the price tests the $1,570 support level and falls below it, selling pressure may increase. However, since we are not in oversold territory, the decline may remain limited.

Citigroup's sharp downward revision of its Bitcoin and Ethereum forecasts is perceived as a negative signal for the cryptocurrency market. This news could also create selling pressure on Citigroup's stock (C), as it indicates the bank's declining confidence in cryptocurrencies. Technical indicators already present a weak outlook, with the RSI approaching oversold territory at 32, while the MACD is below the signal line and in negative territory. The price is trading below both the 20-day and 50-day moving averages and has lost over 4% in the last 24 hours. The short-term downtrend is likely to continue.