Bears began consolidating their position as soon as the cryptocurrency market hit a yearly high above $2.73 trillion. This caused the price of Bitcoin to plummet, and was set to hit a new high of $75,000 this coming weekend. This flashed a bearish signal for the cryptocurrency as market participants appeared to be bearish on Bitcoin.
The BTC price has been under extreme selling pressure since reaching record highs. Now that the bulls have failed to defend the $70,000 support, a long downside could be approaching quickly. Therefore, popular analysts say Michael van de PoppeWe predict that price volatility may increase and then move lower in the coming days.
BTC prices have remained high for a long time, but recent trading volumes remain limited. Moreover, a clear bearish divergence was observed on the lower time frame, which was supported by a bearish rejection of $70,500. Therefore, the analyst believes that Bitcoin price may consolidate over the next few days, leading to lower volatility, but can definitely stay above $60,000.
This could prove a bearish scenario for Bitcoin, but on the other hand, it looks like the price is taking a moment to catch its breath ahead of its next move. The current trading setup indicates that there is a lot of accumulation in BTC at the moment, but still the cryptocurrency continues to hover within a bullish pennant based on historical data. Therefore, regardless of the current market sentiment, Bitcoin price will continue to remain within the bullish range and is planning to reach $80,000 during the next bullish move.