Bitcoin’s price has failed to continue its rally beyond the $75K level and has been consolidating over the past few weeks. Yet, sooner or later, the direction of the next major move will be determined.
The BTC price is seemingly dropping back toward the $60K support zone. In this case, the level would likely finally break down, and the cryptocurrency could experience a massive drop down to the $52K area. On the other hand, if the market climbs above the $70K level, a new all-time high would be imminent.The 4-hour chart shows a very choppy price action, as BTC has been forming a large descending channel pattern since March.
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