- The crypto market continues to witness a struggle between buyers and sellers, but there is no clear sign of a directional trend.
- Bitcoin may see temporary consolidation, but the short-term downtrend still persists.
- A falling wedge formation reflects a gradual decrease in the downward trend.
Bitcoin remains strong despite SEC pressures, but has not yet been able to break through; the price could drop to $24,000!
Bitcoin Needs a Breakout for a Rise
The crypto market continues to witness a struggle between buyers and sellers, but there is no clear sign of a directional trend. Therefore, Bitcoin, the largest cryptocurrency, may see temporary consolidation, but the short-term downtrend still persists. This downward trend is guided by a wedge pattern that indicates the price could fall further before a significant rise.
A falling wedge formation reflects a gradual decrease in the downward trend. A breakout above the upper resistance trend line is needed to trigger a bullish recovery. Bitcoin’s daily trading volume was $12.2 billion, showing a 22% loss.
BTC/USD 1 Daily Price Chart
In the last few days, buyers and sellers have been trying to overthrow each other, but they have not been able to take complete control. In this uncertain environment, relying on short-term trends to determine near-term predictions is valid.
Under the influence of a falling wedge formation, the Bitcoin price has undergone a correction phase in recent months and has been fluctuating between two trend lines that are getting closer together. Therefore, as long as the pattern’s downward trend line is maintained, the coin may see further correction this month and drop to $24,000.
On the other hand, buyers can rely on these two factors to maintain a bullish outlook: first, a wedge formation known as a continuation set for an uptrend has the potential to offer significant recovery with a break above the resistance trend line. Second, the long-standing support trend line can offer significant pullback opportunities.
Will Bitcoin Price Drop to $24,000 Again?
If general market sentiment continues to remain uncertain, the BTC price will gradually move to lower levels. The potential drop is likely to reach significant support levels of $25,000 and $24,000, respectively.
Moving Average Convergence Divergence (MACD): Several intersections between narrow oscillation and MACD (blue) and signal (orange) lines reflect current market uncertainty.
Super Trend: The red film reflected by this daily indicator emphasizes the downward trend.
