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Crypto

Bitcoin Price on Brink of Major Fall as Bull Market Trendline Comes Under Pressure

Guavy AI Editorial Team
Instruments
BTC
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Bitcoin's price is currently resting on the bull market trendline after being rejected at the 200 SMA, which has now formed resistance.

The price has lost touch with the head and shoulders pattern neckline, which the bulls tried to get above. If this pattern continues to play out, the full extent of the measured move would bring the price down to around $60,400.

A small M pattern in the price action and the Stochastic RSI indicators heading down support a fall from here. The $62,250 horizontal level may provide a bounce, but it could only be to the underside of the bull market trendline to confirm it as resistance.

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