![]() ![]() ![]() However, taking a closer look at lower timeframes things may not be as bad as they seem:Īs we can see, this level around $43,000 acted as resistance when Bitcoin first approached it in early 2021 and then again in June 2021. The rising wedge, which is typically a bearish chart pattern, takes in the 2018 top and the March 2020 bottom, with its first serious test coming at the end of November:Ī successful defense on that occasion didn’t result in anything more than a stay of execution however, and Bitcoin has finally left the wedge, which in normal circumstances would suggest the end of bullish price action. This drop, while not catastrophic in itself, nevertheless represents a weakening in Bitcoin’s structure, needing it to rely on the prior support of $43,000 to hold if an imminent price recovery is on the cards.
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