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Bitcoin Weekly Trade Analysis: Is BTC Price Set for a 20% Drop Ahead of Yearly Close?
The current market sentiment indicates a lack of interest among the market participants, with bears and bulls remaining inactive. This lack of enthusiasm has led to a significant drop in selling volume, resulting in the Bitcoin price displaying some signs of recovery.
As we delve into the weekly trade analysis, it’s crucial to examine the price action and various indicators. According to recent data, the BTC trading volume has increased compared to previous days, hinting at the possibility of volatility increasing during the weekend.
Bitcoin’s inability to secure levels above resistance has weakened the bulls’ stance, making it essential to assess the potential for a drop ahead of the yearly close. It is crucial to note that this is merely an analysis and not investment advice.
From a technical perspective, Bitcoin displays the possibilities of bouncing off the lower support within the falling wedge. The two key levels to keep a close eye on are $95,767 (50-day SMA) and $93,211 (50-day EMA). A breach above these levels may lead to an early breakout above the falling wedge.
On the other hand, a drop below these levels could prompt the Bitcoin price to collide with long-term support around $65,000. Additionally, the RSI is decremental, indicating that the trend will likely continue under bearish influence.
In conclusion, if Bitcoin fails to initiate a recovery towards $100K during the weekend, the possibility of a 20% drop ahead of the yearly close cannot be ruled out.
Source: coinpedia.org
