The crypto markets have turned extremely volatile and uncertain ever since the popular exchange FTX collapsed and created a ripple of fallouts. Meanwhile, Bitcoin and popular altcoins attempted to begin with a recovery phase, but the bears perceived the fact of their growing dominance despite minor bounces.
Therefore, bearish clouds continue to hang over the price of Bitcoin (BTC), which could drag the price below $16,000 in a matter of hours!
This is Why Bitcoin(BTC) Price May Resume its Downtrend!
Bitcoin price was struggling hard to clear the resistance at $17,000 compelled the price to form a double top pattern, As a result, the rejection surfaced, diving the prices lower close to $16,400 at the moment which may be extended below $16,000 very soon.
BTC price broke a rising wedge, which is largely considered bearish, and it is moving towards the lower $16,300 support. At the same time, if there is a rally above these levels, the bulls could once again dominate and lift the price above $16,500, which seems impossible at the moment.
However, the mounted bearish sentiments and pressure are likely to drive the prices lower while the bulls may fail to hold the pivotal $16,000, hitting the levels around $15,850.
Where will bitcoin make its bottom?
Ever since bitcoin price started declining from its 2022 highs, the rejection pattern has been sustained at certain levels. According to Mustache, a popular analyst, BTC price has been consistently rejected at the Mayer multiple line. So after the recent rejection, it was proved that the price could continue to slide south while testing the lower support levels.
Hence, the analyst believes that the Bitcoin (BTC) price may continue to plunge hard and reclaim the levels lower to the current support zones. Meanwhile, the bulls may also try hard to hold the price but if extreme bearish pressure mounts, the buying volume may not compensate which may propel the price lower in the next 12 to 16 hours.
