Bitcoin has been hovering within a pre-determined range ever since the token failed to march above the newly formed highs. This appears to have negatively impacted the bullish momentum, as the prices have maintained a steep bearish trend. Moreover, whenever the crypto tries hard to print a huge bullish candle, the bears jump in no time and restrict the rally below the pivotal resistance.
The current trade set-up indicates that the price is in the middle of a steep bearish trend and if the bulls fail to defend the support, a major downfall could be imminent.
The BTC price pattern displays the possibility of the price being stuck within a major capitulation phase. This phase is also expected to cause a major drop in the BTC price, which seems to be a normal correction in the beginning but could squeeze huge profits. The star crypto has triggered a significant upswing in the past few days, but it would be interesting to watch whether it is a short-term move or a rise beyond the bearish influence.
The weekly chart of Bitcoin is displaying the possibility of the price having started an ABC correction. The start of wave A or zero, is when the token faces a rejection at its ATH, which further leads to its completion. The trend volume continues to drop, which may compel the prices to drop further and complete the wave pattern ABC. If this correction materialises, then everything will be set to crash, including all the altcoins.
However, the formation of RSI continues to display some hope as the levels remain stuck along the upper threshold. This indicates the bulls are trying hard to fight the bearish impact, as the volume has been slashing constantly. Therefore, the next few days can be considered extremely crucial for the BTC price rally. The price is set to follow the trend, which is dominated either by bulls or bears, which may also have a prolonged impact in the rest of 2024.
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