After a remarkable rise over the past few days, Bitcoin bulls appear to have lost their steam. As a result, the price has fallen to almost $51,500, with a higher probability of sustaining a descending consolidation. Technicals suggest that the price will decline by almost 15% over the next few days, which could consolidate markets for a while. Can we assume that the BTC bull market is in a serious situation or is it a healthy pullback to attract more liquidity?
Bitcoin price skyrocketed, posing a strong possibility of reaching $55,000 before the end of the week. However, after reaching the strongest resistance ever at $54,500, the bulls lost their strength, resulting in a significant decline in the price level. Unfortunately, BTC price will see continued bearish heat as levels have fallen below a crucial phase and bearish signals are flashing.
BTC price has fallen below the crucial symmetrical triangle in the short term after holding on to the lower support for some time. The token has previously shown similar action. Still, this was the result of sustained downward pressure, unlike the current situation where bulls failed to defend support. Furthermore, the hourly RSI is declining and is therefore expected to reach the lower support, which could serve as a strong base to trigger a healthy recovery.
Therefore, Bitcoin price is expected to remain under a bearish influence over the weekend, but will certainly not trigger a gigantic decline below $50,000. The star crypto could remain largely consolidated and retest levels near $51,000 before initiating fresh price action. However, market sentiment is extremely optimistic and in the realm of “greed.” Therefore, the current consolidation can be viewed as a minor accumulation that could soon lead to a huge breakout.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.