After a notable rally over the past few days, Bitcoin bulls appear to have lost steam. As a result, the price fell closer to $51,500 and is more likely to continue its downward trend. Technical experts suggest that prices are poised to fall by nearly 15% in the coming days, which could keep the market in consolidation for some time. Can we accept that the BTC bull market is in serious trouble, or can it be seen as a healthy bearish trend aimed at attracting more liquidity?
The price of Bitcoin has surged, showing that it is likely to hit $55,000 before the end of the week. However, after reaching the strongest resistance ever at $54,500, the uptrend lost steam and the price level declined noticeably. Unfortunately, BTC price is likely to experience a prolonged bearish fever as bearish signals flash as levels drop below the critical stage.
BTC price held the lower support line for some time before falling below the decisive symmetrical triangle in the short term. Token has previously demonstrated similar behavior. Nevertheless, unlike the current situation where the uptrend failed to defend the support line, this was the result of continued downward pressure for a long period of time. Moreover, with the hourly RSI plummeting, it appears that the lower support level has been reached, which could be a strong base to trigger a healthy rebound.
Therefore, the price of Bitcoin is believed to see some bearish influence over the weekend, but it may not trigger a major decline below $50,000. The star cryptocurrency could remain largely consolidated before initiating new price action and retesting levels near $51,000. However, market sentiment is so optimistic that it falls into the ‘greed’ range. Therefore, the current consolidation can be considered a minor build-up that could soon lead to a huge breakout.