Making a Fresh Bearish Case for Bitcoin: Is 2023 Top Already In?

The post Making a Fresh Bearish Case for Bitcoin: Is 2023 Top Already In? appeared first on Coinpedia Fintech News

The crypto markets have begun a new trend a couple of months as the weekend trade has been less impactful for most tokens. The Bitcoin price witnessed a massive jump or a significant plunge during the weekend, but nowadays, the prices have remained largely stagnant. Now that there is no fresh possibility of a bullish rebound, the bears are expected to strengthen their grip on the rally soon. 

A fresh bearish case has emerged with the BTC price, where a steep descending trend may drag the prices lower very soon. The price is failing to reclaim its levels above $31,000, despite multiple attempts, and hence it can be speculated that a fresh bearish wave may occur any time from now. After the plunge, it could be extremely difficult for the price to revive with a bullish trend and reclaim the lost levels until the end of 2023.

Source: Tradingview

The bitcoin price is potentially trading within a bearish symmetrical channel and has been consolidating below the huge resistance for several weeks now. Hence, it displays the potential to reverse and trigger a notable descending trend very soon. The price, which is testing the upper resistance now, is believed to drop below the lower support line, which may begin a fresh bearish action. Besides, until prices remain above these levels, market conditions may remain bullish. 

Therefore, the BTC price is believed to maintain above the lower trend line and eventually test the yearly highs above $31,000. This may invite huge bearish interference, and as the price has been failing to clear this resistance multiple times, rejection appears to be quite likely. Hence, if the price fails to hold these levels, a massive drop may drag the Bitcoin price below $25,000, and in extreme bearish cases, the price may even drop below $20,000 too.