Bitcoin price flashed a weekly sell signal after producing a bearish swing failure pattern. BTC might attempt to overcome the previous ATH at $69,138 before a potential correction ensues. The weekly imbalance, extending from $59,111 to $53,120, is a key range where buyers might step in. As ETF inflows slow down, the outflow data will now have a noticeable impact on the market’s sentiment. Bitcoin’s upward momentum has shown a significant decline for the past two weeks or so.
The preceding strength might have been a bull trap, luring buyers before a significant decline. This outlook was noticed on the monthly chart in October 2021, where the price created a bearish SFP, leading to the bear market that knocked BTC down by 77%. As described in a previous publication, the bearish SFP does not indicate a reversal, considering the current market conditions. Instead, the sell signal could be a sign of exhaustion of momentum.
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