Bitcoin may be experiencing a price recovery towards the $57,000 level after a sharp 20% drop on Monday that sent the largest cryptocurrency on the market to a low of $49,000 not seen since February. Still, BTC is not out of the woods yet, as a concerning pattern has emerged on its 10-day chart. Analysts Spot Bearish Signals According to technical analyst Ali Martinez, Bitcoin is forming a rising wedge pattern, a bearish continuation pattern often linked to further downtrends. While BTC may climb as high as $57,000 at the upper boundary of the wedge, Martinez warns that investors should look for a potential breakdown that could pull the cryptocurrency back down to around $51,000. Related Reading: UNI Price Bounces Back 13% Above $5.6, Can Bulls Maintain Control? Martinez also highlighted that one of Bitcoin’s key support levels, based on its market value to realized value (MVRV) pricing bands, is currently at the $54,000 mark. This level is crucial in preventing a more substantial drop towards the $40,000 region. Conversely, if the $54,000 support holds, the analyst sees the key resistance on the upside at $ ..
Support the originator by clicking the read the rest link below.
