The bulls seem to have been experiencing extreme fatigue as the selling pressure is outweighing the bullish attempts. As a result, the Bitcoin price has begun to drain and has slumped below a crucial range, which has raised concerns over the next price action. With the latest price action, the star crypto has entered the key-support range. Therefore, one single bearish move may differ from the BTC price rally for a significant amount of time.
The spot BTC ETF has been bought like crazy, with the institutions holding nearly 4% of the circulation. Unfortunately, some reports suggest that the spot ETH ETF approval got a lot of BTC OI removed and swapped into ETH, which is rapidly rising. Is this among the reasons for the BTC downfall, along with huge transfers related to the Mt. Gox exchange?
The BTC price, which is rejecting the high resistance range, is believed to repeat its previous history of a pullback before the beginning of a fresh bull run. But does history repeat itself each time in the crypto world?
The BTC price is trading within a decisive triangle and the latest plunge has compelled the price to test the lower support range. However, the bulls are expected to trigger a rebound but the current trade setup suggests a bearish move may be on the horizon. The RSI has been bearish for over a few days without any possibility of a bullish reversal. Hence, the BTC price may break the triangle and hit the local support at $66,817.
Having dropped by over 4% to 5% in the next few hours, the long positions are expected to get liquidated as the aggregated open interest has been on the rise. However, expectations of a steady move and a good turnaround hover. Therefore, the Bitcoin (BTC) price is expected to take a massive turn in the coming days, which may include some sharp bearish moves too.