Bitcoin breaks down from weekly pattern coinciding with harsh comments from Wall Street legends
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Bitcoin is weakening and has broken down from a rising wedge pattern on its weekly chart (aqua converging trendlines). We note the RSI is on the bearish side of 50 (green rectangle) and that the stochastic has turned down. If the stochastic makes it to its lower quintile and holds there (blue arrow), a bearish momentum will pressure the cryptocurrency.
The pattern breakdown coincides with strong comments at Saturday's Berkshire Hathaway annual shareholder meeting. First, Warren Buffet and Charlie Munger reiterated their criticism of the cryptocurrency. Buffet said, "Whether it goes up or down in the next year, or 5 or 10 years, I don't know. But the one thing I'm pretty sure of is that it doesn't produce anything." Then, less diplomatically, Munger maintained that "In my life, I try and avoid things that are stupid, evil and make me look bad in comparison to somebody else…and bitcoin does all three."
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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