Bitcoin’s price rally has come to a halt over the last couple of months as the market consolidates. Yet, things are about to change soon, either for the better or for the worse.
If this level breaks, there is a high probability for the channel also to break down, and the price will be more likely to experience a massive drop toward the $52K support zone.Looking at the 4-hour chart, things seem much clearer. The price has recently tested the midline of the channel but has been rejected decisively. Yet today’s action gives us the most significant clue, as the price has been dropping aggressively.
As Bitcoin’s price struggles to continue its uptrend and record a new high, the bears have been taking advantage and are now seemingly staging a further decline.
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