After consolidating between $120K and $116K for two weeks,
last week Bitcoin broke below this range with a strong bearish candle. 📉
Part of the leftover liquidity has been swept, but the candle formations at the top indicate profit-taking by buyers and increasing selling pressure at higher levels.
On the retracement toward the $118K zone, sellers still showed dominance.
As we mentioned in previous analyses, Bitcoin wouldn’t truly enter a corrective phase unless it reached the $108K–$104K zone.
However, with the current market structure, a new wave of sellers is joining in, and we’re already seeing its impact on altcoins.
While we may not have full confirmation yet for a sustained downtrend,
the market signals suggest Bitcoin has entered a corrective phase.
last week Bitcoin broke below this range with a strong bearish candle. 📉
Part of the leftover liquidity has been swept, but the candle formations at the top indicate profit-taking by buyers and increasing selling pressure at higher levels.
On the retracement toward the $118K zone, sellers still showed dominance.
As we mentioned in previous analyses, Bitcoin wouldn’t truly enter a corrective phase unless it reached the $108K–$104K zone.
However, with the current market structure, a new wave of sellers is joining in, and we’re already seeing its impact on altcoins.
While we may not have full confirmation yet for a sustained downtrend,
the market signals suggest Bitcoin has entered a corrective phase.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.