Bitcoin Price Faces Bearish Pressure with Two Potential Downturn Scenarios
Bitcoin has retraced significantly after reaching a new all-time high, now returning to pre-pump levels. Market sentiment indicates a bearish trend as sellers take control.
Market Analysis
- Two potential scenarios for Bitcoin's future price movement have been identified, both concluding with bearish reversals.
- The price has broken below the lower trendline of its trading channel, suggesting increased bearish pressure.
- First scenario: A rally may occur, but rejection above $118,000 could lead to significant selling.
- Second scenario: Continued rally towards just below $120,000, followed by a similar decline due to seller activity.
Potential Price Levels
- The downside target for both scenarios is $115,800, aligning with previous support levels.
- This level may attract buyers, potentially serving as a bottom for another upward movement.
