RATE Group | What Halving? 2 Factors Making Some Analysts Turn Bearish on Bitcoin
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What Halving? 2 Factors Making Some Analysts Turn Bearish on Bitcoin

22 Apr What Halving? 2 Factors Making Some Analysts Turn Bearish on Bitcoin

Posted at 14:47h in Bitcoin News by

As the Bitcoin price dropped to sub-$7,000, technical analysts pointed out that BTC broke down from a crucial trendline dating back to March 16. While markets signal for short-term relief, traders foresee a severe pullback occurring for two key reasons despite less than three weeks remaining before the much-anticipated Bitcoin halving.

The two compelling cases for a Bitcoin correction in the foreseeable future are a breach of a major trendline signaling overhead resistance and a lower high pattern at a high time frame.

Bitcoin breaks an important trendline dating back 40 days. Source: TraderXO

Challenging for Bitcoin to recover on a straight line from near capitulation

Despite theories that suggest the Bitcoin price was not supposed to drop below $4,000 during the so-called “black swan” event on March 12, BTC spiked from $3,600 to $6,900 on paper within a month and a half.

That is a 91% increase in price in precisely 40 days, which is a substantial rise in price even for Bitcoin…

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