Bitcoin, the most valuable crypto asset, is at a critical juncture at spot rates if candlestick formation in the weekly chart is anything to go by. One analyst on X, formerly Twitter and NewsBTC Editorial Director Tony Spilotro, is sounding the alarm after picking out the bearish head-and-shoulder pattern in the weekly chart. Will Bitcoin Crack? Although the pattern is technically in the last phase of formation, if realized, it could have dire implications for Bitcoin bulls as it may push prices below a multi-month critical support line toward $18,000 or lower in the weeks ahead. Even so, the volatile nature of crypto and BTC prices means traders should adopt a wait-and-see approach until it prints out. Related Reading: The Subtle Signs A Bullish Bitcoin Trend Is Brewing As of August 15, Bitcoin is stable and within a broader uptrend from a top-down perspective. Notably, the coin is confined within the trading range established between June and July 2023, as visible in the daily chart. Despite the general optimism of a price recovery above July 2023 highs, BTC was mo ..
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