After a notable rise in the past few days, the Bitcoin bulls appear to have drained off their strength. As a result, the price has dropped to close to $51,500, with a larger possibility of maintaining a descending consolidation. The technicals suggest the price is preparing to drop by nearly 15% in the next few days, which may keep the markets consolidated for a while. Can it be taken as the BTC bull run is in dire straits or whether it is a healthy pullback to attract more liquidity?
The Bitcoin price was surging hard, which displayed a huge possibility of achieving $55,000 before the end of the week. However, after reaching the strongest-ever resistance at $54,500, the bulls drained out the strength, causing a notable drop in the price levels. Unfortunately, the BTC price will experience a prolonged bearish heat as the levels have dropped below a decisive phase, flashing out bearish signals.
The BTC price has dropped below the decisive symmetrical triangle in the short term after holding along with the lower support for some time. The token has previously demonstrated a similar act. Still, it was a result of a prolonged bearish pressure, in contrast with the current situation where the bulls failed to defend the support. Besides, the hourly RSI is plunging and hence is believed to reach the lower support, which may act as a strong base to trigger a healthy rebound.
Therefore, the Bitcoin price is believed to remain under bearish influence during the weekend but may certainly not trigger a gigantic pullback below $50,000. The star crypto could remain largely consolidated and re-test the levels close to $51,000 before initiating a fresh price action. However, market sentiments are extremely bullish, falling within the range of ‘greed’. Hence the current consolidation may be looked upon as a minor accumulation which may result in a giant breakout soon.